08:28 AM EST, 02/26/2025 (MT Newswires) -- BP (BP) unveiled Wednesday a "fundamentally reset strategy" in which it will seek to reduce and reallocate capital expenditures, increase oil and gas investments and cut its share repurchases in an effort to increase cash flow.

BP said it plans to increase oil and gas investment to about $10 billion per year, growing production to 2.3-2.5 millions of barrels of oil equivalent in 2030. The energy company said it plans to announce $20 billion in new divestments by the end of 2027, including potential proceeds from Lightsource bp and a strategic review of Castrol.

The company expects annual capital expenditures of $13 billion to $15 billion to 2027, which is $1 billion to $3 billion lower compared with 2024. BP said it expects a Q1 share buyback of between $750 million and $1 billion, down from $1.75 billion for Q4.

The energy major also said it expects investments in energy transition businesses of $1.5 billion to $2 billion per year, down by more than $5 billion compared with a prior outlook.

BP shares were 1.7% lower in recent premarket activity.