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.

BP's profits fell by 48% in the first quarter as the struggling energy company eyes more cuts. The London-based energy giant, which counts the BP Whiting Refinery on the Lake Michigan lakeshore as its largest refinery worldwide,