BP investors are voting with their wallets in response to the company’s strategic shift in scaling back climate-change targets and hydrocarbon-reduction ambitions.

The UK supermajor and its high-profile chief executive Bernard Looney have been pushing a strong energy-transition narrative since a famous 2020 pledge to quickly decarbonise the company.

As BP booked record annual profits yesterday, amid its catalogue of information for investors was a plan to produce more oil and gas for longer than previous forecasts.