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The activist fund seeks to stimulate the value of shareholders by pushing the company to consider the transformative measures, said people, asking not to be identified because the discussions are deprived. Elliott thinks that BP is considerably undervalued and that its performances are disappointing, they said. The exact size of the stake could not be immediately learned.
The representatives of Elliott and BP refused to comment.
BP has dropped by around 8% in the past five years, while its large oil rivals from Shell PLC to Exxon Mobil Corp have increased by at least 30%. The company under the former chief executive officer, Bernard Looney, adopted Net-Zero in a missed bet that oil consumption had culminated and has since had trouble presenting a clear strategy for a turnaround.
With a market value of around 86 billion dollars, BP is now worth less than half Shell.
CEO Murray Auchincloss, an initiate who entered the role after Looney was dismissed for his personal conduct, should largely describe a clearer change to oil and gas when he presents a highly anticipated strategy update February 26. However, investors, investors were increasingly impatient, including after BP warned in October that its share buybacks could slow down this year.
BP should announce financial results on the fourth quarter on Tuesday and has already reported wide weakness in its activities for the period. Although its greatest rivals have also declared a drop in profits in the last three months of the year, analysts consider these companies as a clearer and stronger management.
Elliott’s move is the last in a series of high -level activists who take Big Oil. Exxon lost a battle against the ESG n ° 1 engine in 2021, while Third Point LLC of Dan Loeb took a participation in Shell the same year, calling the company to break its natural gas, renewal and marketing divisions In autonomy in autonomy in autonomous autonomy.
Elliott has managed to do for a break in Honeywell International Inc., which announced this week that it would be divided into distinct companies. The fund also revealed a participation in Anglo American PLC last year during the group BHP attempt to acquire the minor based in London.
