Elliott Management Acquires Significant Stake in BP, Advocates for Strategic Shift

Updated: 22:00 GMT, 13 February 2025

Activist investor Elliott Management has taken a bold step by becoming BP’s third-largest shareholder, amassing a stake valued at almost £4 billion.

According to the Financial Times, Elliott now holds nearly a 5 percent share in the oil giant, which amounts to approximately £3.8 billion, making it a major player in BP’s future direction.

This move comes in the wake of BP’s recent report showing profits fell to their lowest since the pandemic, prompting CEO Murray Auchincloss to pledge a “fundamental reset” of the company’s strategy.

Pressure is mounting on Auchincloss to reconsider BP’s current focus on renewable energy. Elliott is reportedly advocating for a reduction in the company’s spending on green initiatives and is calling for substantial divestments of its renewable assets.

Additionally, there are indications that Elliott may seek the resignation of BP’s chairman, Helge Lund, as part of its efforts to realign the company’s priorities and tackle what Elliott describes as BP’s “profound” undervaluation in the market.

This strategic intervention by Elliott could have significant implications for BP as it struggles to balance its future in renewables with the pressures of traditional oil and gas markets.

Elliott, BP, investment