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BP will spend $10bn a year on producing more oil and gas, slash its spending on renewable energy and sell $20bn of assets as it tries to revive its share price under pressure from activist investor Elliott Management.
The UK-listed oil major told investors on Wednesday that it would pivot from a five-year-old plan that had pinned its future on renewable energy.
Wednesday’s presentation to investors was the first time that Murray Auchincloss, who formally became chief executive in January 2024, has outlined his vision for BP.
The group has been under increased pressure to boost its performance after it emerged this month that the US hedge fund Elliott Management had built a near 5 per cent stake in the £72bn FTSE 100 company.
Auchincloss said on Wednesday: “Today we have fundamentally reset BP’s strategy. We are reducing and reallocating capital expenditure to our highest-returning businesses to drive growth, and relentlessly pursuing performance improvements and cost efficiency.”
This is a developing story.