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FT’s editor Roula Khalaf chose her favorite stories in this weekly newsletter.
BP will spend $10 billion a year on producing more oil and gas, cut its spending on renewable energy and sell $20 billion in assets as it tries to restore its share price under pressure from activist investor Elliott Management .
The UK-listed oil specialist told investors on Wednesday it will be centered on a five-year plan to fix its future on renewable energy.
Wednesday’s speech to investors was the first time Murray Auchincloss officially became CEO in January 2024, outlining his vision for BP.
This month comes after US hedge fund Elliott Management built nearly 5% stake in the £72 billion FTSE 100 company, the group is under increased pressure to improve its performance.
“Today, we fundamentally reset the BP strategy. We are reducing and reassigning capital expenditures to our highest businesses to drive growth, relentlessly pursuing performance improvement and cost efficiency,” Auchincloss said on Wednesday.
This is a developing story.
