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BP is trying to spend $10 billion a year on producing more oil and gas, cut spending on renewable energy, and revive stock prices under pressure from activist investor Elliott Management. Selling $2 billion in assets.
The UK-listed oil major told investors on Wednesday that it would pivot from a five-year-old plan that fixed the future on renewables.
Wednesday’s presentation to investors was the first time that Murray Auchincloss, who officially became CEO in January 2024, outlined his vision for BP.
The group has seen an uptick in performance after the emergence of this month when US hedge fund Elliot Management built nearly 5% stake in a £72 billion FTSE 100 company.
Auchicloss said Wednesday: “Today, we are fundamentally resetting our BP strategy. We will reduce and relocate capital expenditures to the best return business to drive growth, relentlessly improve performance and cost-effectiveness. I’m pursuing it.”
This is a developing story.
