British oil major BP on Wednesday announced plans to increase annual oil and gas investment to $10 billion as part of a fundamental strategic reset.

The struggling British energy company has seen its rivals streak ahead after it bet big on clean energy.

The energy giant will announce its strategy later after rivals also rowed back on green energy plans.

Aston Martin Lagonda and shopping centre owner Hammerson are among the companies reporting today. Meanwhile, Heathrow has declared its first dividend in five years amid record passenger numbers. It expects investment in transition businesses of $1.

BP today unveiled a massive strategy U-turn with a new emphasis on oil and gas investment and a massive downgrade of its commitment to green energy.

Chief executive Murray Auchincloss has succumbed to pressure from shareholders to reduce BP' exposure to the lower margin renewables business and focus instead on the more profitable upstream business, reversing a strategy put in place by his predecessor Bernard Looney.

Iraq and oil major BP have signed a deal to redevelop four Kirkuk oil and gas fields, BP said on Tuesday, a breakthrough for Iraq, where output has been constrained by years of war, corruption and sectarian tensions.

Oil and gas giant BP has again slashed its renewable energy investment and announced more funding for fossil fuel production. In a further row back of climate targets the company has said renewable energy investment will fall by $5bn (£3.95bn) a year to just $1b to 2bn ( £790m to £1.58bn).

BP Plc is set to announce a potential sale of its lubricants business and abandon plans to cut oil and gas output as it embarks on a shift away from renewable energy amid pressure from activist investor Elliott Investment Management,

Strategy fundamentally reset: reducing and reallocating capital expenditure, significantly reducing costs and driving improved performance - to grow cash flow and returns - supporting a stronger balance sheet and resilient distributions.