10th Feb 2025 08:26
(Alliance News) - Elliott Investment Management has built a significant stake in BP PLC, and called on the oil major to consider transformative measures, according to Bloomberg.
Shares in BP rose 7.4% to 465.47 pence each in London on Monday.
According to Bloomberg sources, the Florida, US-based activist investor believes BP is significantly undervalued and its performance is disappointing.
The exact size of the stake taken by Elliott couldn’t be immediately learned, Bloomberg added.
BP has fallen about 8% over the past five years, while its rivals from Shell PLC to Exxon Mobil Corp have risen by at least 30%.
The company under former Chief Executive Officer Bernard Looney embraced net-zero in a failed bet that oil consumption had peaked, and has since struggled to present a clear strategy for a turnaround, the Bloomberg report noted.
Chief Executive Murray Auchincloss, who stepped into the role after Looney was dismissed over his personal conduct, is widely expected to outline a clearer shift back toward oil and gas when he presents a much-anticipated strategy update on February 26.
London-based BP reports full-year results on Tuesday.
By Jeremy Cutler, Alliance News reporter
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