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

BP slashed planned investment in renewable energy and said on Wednesday it would increase annual oil and gas spending to $10 billion, in a major strategy shift aimed at boosting earnings and investor confidence.

BP, the British oil major, said Wednesday it is refocusing the company on its core oil and gas business and reducing investments in clean energy. In a Wednesday news release, BP officials said the company would "fundamentally reset strategy” to improve value for shareholders.

BP said it would increase annual oil and gas spending to $10 billion and cut planned annual investment in energy transition businesses by more than $5 billion.