Activist Elliott pushing for changes at BP including cost cuts and leadership reshuffle

From Yahoo Finance: 2025-03-21 06:43:00

Activist investor Elliott Management is pushing for more changes at BP, including cost cuts and potential leadership reshuffle, as the company’s stock underperforms rivals Shell and Exxon. Despite BP’s pivot back to hydrocarbons, Elliott and shareholders seek deeper change, including board and management team changes and reducing annual spending to below $13 billion. BP plans to spend $13-$15 billion annually, cut costs by $4-$5 billion through 2027, divest $20 billion of assets by 2027, and reduce net debt to $14-$18 billion by end of 2027. Shareholders will vote on BP’s board at AGM on April 17.



Read more at Yahoo Finance: Activist Elliott meets BP investors to discuss more changes, sources say