BP stock is up 5% this week after its biggest oil find in 25 years and a strategic reset involving increased oil and gas production. CEO Auchincloss aims to improve investor returns and close the gap with Shell. Morningstar analyst Good remains cautious, favoring Shell stock over BP, despite moderate undervaluation.

BP plans to cut 6,200 jobs and increase fossil fuel output to 2.5m barrels a day by 2030. This shift follows BP’s previous commitment to reduce fossil fuel production and invest in renewables. Shareholder pressure from activist investor Elliott Management drives BP’s cost-cutting measures, demanding further savings to boost turnaround strategy.

Read more at Morningstar: Is BP a Buy, Sell or Hold?