BP Shares Surge Following Elliott Management's Stake Acquisition

Activist hedge fund Elliott Management pressures BP for strategic changes as the energy giant faces investor dissatisfaction and underperformance.

BP's stock rose over 6% after reports that Elliott Management has acquired a significant stake in the company, though the size of the stake remains undisclosed.
Elliott Management, known for pushing major corporate changes, is reportedly advocating for transformative measures to enhance BP's shareholder value.
BP has faced criticism for lagging behind competitors like Shell and Exxon Mobil, with its shares dropping 9% over the past year compared to gains by rivals.
CEO Murray Auchincloss, who took over after Bernard Looney's abrupt departure, is expected to outline a revised strategy on February 26, signaling a shift back toward oil and gas investments.
The company has announced cost-cutting measures, including a $2 billion savings target by 2026 and significant workforce reductions, alongside a retreat from some renewable energy projects.