BP's fourth-quarter profit fell to $1.17 billion on Tuesday, marking the lowest earnings for the oil major in four years as weak margins dented its refining business.

Oil giant BP's profits dropped sharply last year with the firm saying it will "fundamentally reset" its strategy. It is widely expected to say later this month that it will scale back renewable projects following similar moves from rivals including Equinor.

British oil major BP on Tuesday posted a sharp drop in fourth-quarter profit, pledging to "fundamentally" reset the embattled energy company's strategy.