Britain's BP on Tuesday said its annual net profit slumped 97 percent last year, as the struggling oil and gas giant pledged to "fundamentally reset" its strategy.

Profit after tax tumbled to $381 million in 2024 from $15.2 billion in 2023, owing to weaker refining margins, asset write-downs and unfavourable accounting effects linked to gas prices, BP said in a results statement.

Total revenues dropped nine percent to $195 billion.

"We now plan to fundamentally reset our strategy and drive further improvements in performance," said chief executive Murray Auchincloss.

He said it would be a "new direction for BP", which........

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