BP'S STRATEGIC RESET Auchincloss has been working towards rebuilding investor confidence in the company, following the resignation of his predecessor Bernard Looney in September 2023 for failing to disclose relationships with employees. He is expected to use the capital markets day (CMD), scheduled for February 26, to announce his new strategy. "Investors will likely be expecting a reversal of the integrated energy company strategy, including a reduction in low-carbon spending, robust cost reduction targets and increased hydrocarbon investment that could lead to production growth," Morningstar analyst Allen Good said. Delivering shareholder returns, the company extended its $1.75 billion buyback target to first-quarter. At the same time, BP said it plans to review financial guidance, including 2025 share buyback and capital expenditure expectations. RBC Capital Markets analyst Biraj Borkhataria said the brokerage expected a lower buyback rate beyond the first quarter.