The energy company’s weaker-than-expected first-quarter earnings were partly down to lower oil prices, but the London-based major has its own homegrown problems.

BP said it would return less cash to shareholders as market uncertainty and weaker oil prices weighed on its outlook while the British energy major’s profit came in worse than expected. The London-based oil-and-gas giant said Tuesday that underlying replacement-cost profit–a metric similar to net income its U.

U.S.-listed shares of BP (BP) fell in premarket trading Tuesday after the British energy giant posted lower-than-estimated first-quarter earnings and reduced its stock buyback as increased economic uncertainty weighs on oil prices.

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