bp on Tuesday reported a 30% drop in third-quarter profit to $2.3 billion, the lowest in almost four years, weighed down by weaker refining margins and oil trading results, according to Reuters.

The decline was smaller than expected amid a slowdown in global economic activity and oil demand, particularly in China, but raises pressure on CEO Murray Auchincloss, who has vowed to boost BP's performance in the face of investor concerns over its energy transition strategy.

Reuters reported earlier this month, citing sources, that BP had abandoned a flagship target to cut oil and gas output by 2030.

The company has also scaled back its low-carbon hydrogen investments and plans to sell its U.S. onshore wind operations.

Sources also told Reuters that BP is considering selling a minority stake in its offshore wind business. Auchincloss said on Tuesday BP will bring in partners to offshore wind projects over time.

Auchincloss also said BP has the potential to grow oil and gas output through the end of the decade while it also continues to make high-grade investments in low-carbon and renewables.