Energy

BP Promises ‘Fundamental Reset’ as Activist Elliott Builds Stake

CEO Auchincloss promises to focus on cash flow, returns
Activist investors is seeking significant changes at company

WATCH: BP Plc reported an adjusted net income for the fourth quarter of $1.17 billion, down from $2.99 billion last year, missing analyst estimates. James Herron reports.Source: Bloomberg

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By Mitchell Ferman

February 11, 2025 at 7:08 AM UTC

Updated on

February 11, 2025 at 9:44 AM UTC

This article is for subscribers only.

BP Plc promised major changes at its upcoming strategy update, seeking to reverse a prolonged period of under-performance that has now drawn in activist Elliott Investment Management.

The pledge, which came as the company reported a sharp drop in fourth-quarter profit, raised expectations for the Feb. 26 investor day. Analysts see BP pivoting away from ambitious plans for low-carbon energy and a pursuing higher growth in oil and gas production.