BP’s profits fall 48% to $1.4 billion

British oil company BP announced on Tuesday a 48% drop in net profit to $1.4 billion, compared to the $1.6 billion forecast by the London Stock Exchange Group. This represents a decrease from $2.7 billion in the same period a year earlier. The company’s profit was due to weak performance in its refining and gas trading businesses, following a strategic recalibration and a decline in crude oil prices.

These results come as the company faces renewed pressure from investors less than two months after announcing its strategic recalibration. In an effort to regain investor confidence after a long period of underperformance compared to its peers, BP pledged in February to reduce its annual spending on renewable energy and increase it on its core oil and gas business. However, this retreat from its green strategy doesn’t seem to have been enough of a success for investors like Elliott Management, which went public last week with a stake of more than 5% in London-listed BP. It’s worth noting that the British oil company faced a shareholder rebellion at its annual general meeting earlier this month. Around 25% of shareholders voted against the re-election of outgoing chairman Helge Lund, a symbolic outcome that reflects a deep sense of frustration among the company’s shareholders.