Investing.com -- Activist investor Elliott Management has been meeting with various large shareholders of BP (NYSE:BP) in an effort to garner support for further changes within the oil giant. The proposed changes could potentially include cost reductions and a reshuffling of the company’s leadership, according to two shareholders who spoke with Reuters.
Over the past five years, BP’s stock performance has lagged behind its competitors Shell and Exxon (NYSE:XOM). This underperformance has been attributed by investors, in part, to BP’s 2020 strategy that aimed to expand its renewable energy business while simultaneously reducing oil and gas production.
BP had initially diluted this plan, but last month, the company quickly reverted its focus back to hydrocarbons, marking a significant shift in its strategy.
Despite these changes, both the shareholders who had separate meetings with Elliott Management and the activist investor itself are advocating for more extensive modifications within the company.
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