BP plc turned the investor world on its head Tuesday with a revamped strategy to slash oil and natural gas production while pouring billions into low-carbon investments.

CEO Bernard Looney, during a lengthy conference call with top executives, further outlined the strategy that he had first unveiled in February, to put the company on a path toward “reimagining” energy. The Covid-19 pandemic has only reaffirmed that goal.

“We’re moving earlier than we thought on our strategy; we’re moving faster, we’re moving further and we’re moving more decisively,” Looney said. “The world is in a different place because of Covid-19 and the more we understand about the consequences for the global economy and the inevitable uncertainty that it brings, the more convinced we are that the...