BP Pressured to Abandon Clean Energy Strategy by Activist Investor

Bluebell Capital Partners, after taking a minority stake in BP, calls for increased oil and gas production and a revision of emissions reduction commitments.

• Activist investor Bluebell Capital Partners has taken a minority stake in BP and is pressuring the company to abandon its clean energy strategy, arguing that it has depressed the company's share price and is unrealistic.
• Bluebell has called for BP to increase oil and gas production in the coming years and to only commit to reducing emissions in line with societal changes.
• BP's former CEO Bernard Looney, who was ousted over a scandal involving undisclosed relationships with colleagues, had set a course for the company to cut oil output by a quarter by the end of the decade and invest in renewable energy.
• The new CEO, Murray Auchincloss, has pledged to continue Looney's green energy plans.
• Bluebell's calls for a change in strategy are likely to face opposition from BP's leadership and environmentalists, many of whom argue that BP is not doing enough to cut emissions.

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