From CNBC: 2025-04-29 08:37:00

British oil giant BP reported a slightly weaker-than-expected first-quarter net profit of $1.38 billion, missing analyst expectations of $1.6 billion. Net profit was $2.7 billion a year earlier and $1.2 billion in the final quarter of 2024. BP faces activist pressure after announcing a strategic reset to boost spending on oil and gas.

Activist investor Elliott Management disclosed a stake of over 5% in BP, making it the second-largest shareholder after BlackRock. The hedge fund’s involvement could push BP back towards its oil and gas businesses. BP’s CEO declined to comment on investor pressure following a recent shareholder rebellion at its annual general meeting.

BP’s underperformance has positioned it as a takeover target, sparking speculation about potential suitors. CEO Auchincloss stated that the company had not sought any protection from the British government and remains confident in its growth potential. Lower oil prices, with Brent crude futures at $65.19 per barrel, could impact BP’s reset plans, but Auchincloss remains optimistic.



Read more at CNBC:: BP posts sharp fall in first-quarter profit on weaker oil prices