(Bloomberg) -- BP Plc CEO Murray Auchincloss insisted that the company’s “fundamental reset” has been in the works for a year, while refusing to comment on an analyst’s question about whether he’s had engagement with activist Elliott Investment Management.

Auchincloss was addressing analysts for the first time since it emerged Elliot Investment has built a stake in the London-based oil major, a move that may increase pressure to restructure. His language Tuesday about a “new direction for BP, and not business as usual” caught analysts’ attention.

“Given the degree of that change, it’s time to start a new strategy and plot a new beginning,” Auchincloss said in response to a question from Citigroup Inc. analyst Alastair Syme. “We’ve done an awful lot the past 12 months and it’s time to share that with you.”

Auchincloss, who took over the London oil giant permanently in January 2024, highlighted 10 new projects globally that BP has sanctioned as well as 30 that have been stopped since at the helm. He also cited new oil and gas efforts in Iraq and India. And he pointed out BP reducing its capital spending on renewable energy.

Auchincloss and Chief Financial Officer Kate Thomson saved most forward-looking plans and commentary for Feb. 26, when they are going to unveil the big corporate pivot.

His comments will only add to expectations of a decisive turn back into oil and gas after previous CEO Bernard Looney tried guiding the firm away from it.

When RBC analyst Biraj Borkhataria asked the call’s final question about Elliott directly, Auchincloss still didn’t engage.

“It’s market speculation right now and we don’t comment on market speculation,” he said.