This week there was confirmation that BP has surged back into profit after 2010's annus horribilis. There was talk of a "clear turning point", not just in the company's fortunes but also in its direction. Is it time to buy for recovery? What is it? One of the world's biggest oil and gas companies, it is also one of the UK's most active investors in renewable energy, such as solar and wind projects.  What are its strengths? The Deepwater Horizon disaster last year continues to cast a shadow over BP. The explosion at the Gulf of Mexico rig resulted in the largest accidental oil spill in US waters, the resignation of Tony Hayward, BP's former chief executive, and the cancellation of the company's cherished dividend. Since then there has been disquiet about the strategy of Mr Hayward's replacement, Bob Dudley, particularly after the collapse of a ?10 billion arctic exploration deal with Rosneft, the Russian state-backed oil company . Those grumbling investors may draw comfort from the strategy outlined on Tuesday, which sets out steps to recovery. The company plans to boost its financial firepower by selling another $15 billion (?9.4 billion) of assets, in addition to the $30 billion already targeted.  Mr Dudley is expecting BP's cashflow to grow by about 50 per cent by 2014 - meaning greater returns for shareholders. There is also going to be a move towards a less indebted balance sheet, which the company says will give it more flexibility.  The past 12 months has also been its most successful for a decade in gaining new exploration licences - 67 . For those yet to be convinced, a strategic review will be completed in February.  and its weaknesses? The Gulf of Mexico oil spill means that there are potentially years of litigation ahead. It has settled with anadarko and MOEX, the co-owner