BP’s Reset Finds Lukewarm Response as Shares Erase Elliott Gains

BP Plc’s crucial strategy reset, which included a pivot back to oil and promises to sell assets, appeared to win few plaudits from investors as shares erased their recent gains.

In a highly anticipated presentation, BP Chief Executive Officer Murray Auchincloss reversed a plan to shrink oil and gas production and cut investments in low-carbon energy, but also slashed the quarterly share buyback — undermining what has become a key plank of the petroleum industry’s pitch to investors.