BP (NYSE:BP) -1.4% pre-market Wednesday after unveiling its anticipated strategic reset to raise annual oil and gas spending to $10B while cutting planned spending in energy transition businesses by more than $5B from its previous forecast to $1.

The energy giant said it would cut planned investment in clean energy and redirect spending toward fossil fuels.

But BP has struggled to reduce its debt load and the moves have failed to ignite its share price, leading to speculation among bankers that a rival could swoop in for parts—or t

The move comes in response to pressure from investors, notably from activist hedge fund Elliot management. View on euronews