BP chief aims to more than double oil group’s market value to $200bn

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Financial Times 12h ago

BP chief aims to more than double oil group’s market value to $200bn - Financial Times

Quick Summary:

A person familiar with Elliott’s thinking said on Thursday the company’s plans did not go far enough, having previously called for big divestments and cuts to spending on renewable energy.

He spoke a day after BP, whose current market value is just under £70bn ($89bn), cut its annual spending on renewables by 70 per cent and pivoted back to its core oil and gas business.

BP has been under pressure to improve its performance, particularly after it emerged earlier this month that activist investor Elliott had built a near 5 per cent stake in the company and was pushing for change.