BP Activist Investor Sees Signs of Oil-Strategy Shift But Wants Bolder Action
- Bluebell Capital says company should pivot back to oil and gas
- New CEO is moving in right direction, should be more outspoken
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BP Plc is showing signs of a pivot back toward oil and gas that should boost returns, but is doing it too quietly to benefit its share price, according to activist investor Bluebell Capital Partners.
Four years into its plan to shift away from fossil fuels, BP is under increasing pressure from some shareholders to raise its profitability and narrow the valuation gap with more oil-focused US rivals. Bluebell co-founders Giuseppe Bivona and Marco Taricco, who have led high-profile campaigns against corporate giants such as Danone and Bayer AG, turned their sights on the energy company late last year, demanding a greater emphasis on its core business.