Elliott Management Pushes BP to Shift Focus Back to Oil and Gas

The activist hedge fund has acquired a nearly 5% stake in BP and is advocating for reduced renewable energy investments and strategic divestments.

Elliott Management, a U.S.-based hedge fund, has taken a nearly 5% stake in BP worth approximately $5 billion, becoming its third-largest shareholder.
The hedge fund is calling for BP to reduce its investments in renewable energy projects, including wind, solar, and hydrogen, and to refocus on oil and gas operations.
BP's leadership has announced a 'fundamental reset' of its strategy, with plans to outline specific changes at its upcoming capital markets day on February 26, 2025.
Elliott is reportedly pushing for divestments of BP's low-carbon investments and operational changes to address what it perceives as undervaluation of the company.
BP's share price has risen 7% this week following news of Elliott's stake, reflecting investor optimism about potential changes to boost shareholder returns.