BP on Tuesday reported a deeper-than-expected 48% drop in net profit to $1.4 billion on weaker gas trading and refining results and announced the departure of its strategy chief as it tries to shore up investor confidence.

Britain's BP said on Tuesday net profit plunged in the first quarter as the struggling energy giant undergoes a major overhaul back to its fossil fuel business. Under pressure from investors, BP is in the midst of a major reset that saw it shelve its once industry-leading carbon-reduction targets to focus on fossil fuel output deemed more profitable.

BP reported on Tuesday financial results for the first quarter that indicated the company's net profit plunged sharply compared to the same period