BP CEO Says Oil Major’s Big Reset Has Been a Year in Making
- Auchincloss highlighted new projects, stopping old ones
- Reducing spending on renewables also key to big reset
Murray Auchincloss
Photographer: Aaron M. Sprecher/BloombergThis article is for subscribers only.
BP Plc CEO Murray Auchincloss insisted that the company’s “fundamental reset” has been in the works for a year, while refusing to comment on an analyst’s question about whether he’s had engagement with activist Elliott Investment Management.
Auchincloss was addressing analysts for the first time since it emerged Elliot Investment has built a stake in the London-based oil major, a move that may increase pressure to restructure. His language Tuesday about a “new direction for BP, and not business as usual” caught analysts’ attention.