BP to abandon pledge to cut oil and gas output as boss fights for group’s survival

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Financial Times 12h ago

BP to abandon pledge to cut oil and gas output as boss fights for group’s survival - Financial Times

Quick Summary:

Auchincloss has promised a “fundamental reset” to boost performance after it emerged the US hedge fund had built a near 5 per cent stake in the £72bn FTSE 100 company.

However, some members of the board expect board changes will be next on Elliott’s agenda if the investor day does not impress, the person familiar with the board’s thinking said.

This is expected to change at the investor day with Auchincloss preparing to announce at least one major divestment, said a person familiar with the plan.