BP shares fell about 1% in London trading. Auchincloss is set to lay out further details of his plan to revive the energy giant at a presentation to investors later Wednesday. The

British energy company BP confirmed Wednesday that it would slash spending on green ventures and increase its oil and gas production, a change in direction that it hopes will bolster its flagging share price but has been met with incredulity from climate action campaigners.

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