BP Plans to ‘Fundamentally Reset’ Strategy Amid Reports of Elliott Stake | Global News Avenue

bp(bp) announced plans to “fundamentally reset” its strategy on Tuesday, as Elliott Investment Management reportedly holds a “significant” stake in the BP giant.

BP CEO Murray Auchincloss said the company plans to share “new directions” in a capital market update on February 26.

Elliott took “Important” shares In BP Bloomberg Exxonmobil shares are underperforming due to poor performance in their stocks (XOM) and shell (Thanks) In recent years, the company has moved from the oil and gas center to focus on low-carbon investment.

“Building on the actions taken in the past 12 months, we now plan to fundamentally reset our strategy and drive further performance improvements to serve growing cash flows and returns,” Auchincloss said.

BP reports profits in the fourth quarter below estimates

In the fourth quarter, BP booked a base alternative cost (RC) profit of $1.17 billion, below the visible Alpha consensus and fell from $2.99 ​​billion a year ago.

BP shares have fallen about 5% in the past 12 months to the end of Monday, lower in pre-sales trading.