Unlock the Editor’s Digest without cost
Roula Khalaf, Editor of the FT, selects her favorite tales on this weekly e-newsletter.
BP will spend $10bn a yr on producing extra oil and gasoline, slash its spending on renewable power and promote $20bn of property because it tries to revive its share worth beneath stress from activist investor Elliott Administration.
The UK-listed oil main instructed buyers on Wednesday that it will pivot from a five-year-old plan that had pinned its future on renewable power.
Wednesday’s presentation to buyers was the primary time that Murray Auchincloss, who formally turned chief govt in January 2024, has outlined his imaginative and prescient for BP.
The group has been beneath elevated stress to spice up its efficiency after it emerged this month that the US hedge fund Elliott Administration had constructed a close to 5 per cent stake within the £72bn FTSE 100 firm.
Auchincloss mentioned on Wednesday: “At this time we’ve got basically reset BP’s technique. We’re decreasing and reallocating capital expenditure to our highest-returning companies to drive development, and relentlessly pursuing efficiency enhancements and value effectivity.”
It is a creating story.
