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Webcast details

bp’s capital markets update presentation will take place at 1pm GMT / 8am EST on Wednesday 26 February. The presentation will be hosted by chief executive officer, Murray Auchincloss; chief financial officer, Kate Thomson; and members of the leadership team.

The session is expected to finished at around 4.15pm GMT / 11.15am EST.

Date

Wednesday 26 February

Time

1pm GMT / 8am EST

Https://www.livecharts.co.uk/MarketCharts/brent.php

Exciting times ahead 🎉

Activist Elliot takes near 5% stake in BP as it pushes to cut spending on renewables and make big divestment

By DAILY MAIL CITY & FINANCE REPORTER

UPDATED: 22:00, 13 February 2025

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Activist investor Elliott Management has become the third-largest shareholder in oil giant BP, with a stake worth nearly £4billion.

The New York hedge fund will push it to cut spending on renewables and make big divestments to address its ‘profound’ undervaluation, according to reports.

The Financial Times yesterday reported Elliott has built a near-5 per cent stake, worth around £3.8billion.

Only BlackRock and Vanguard hold larger stakes, worth 9 per cent and 5 per cent respectively.

BP chief executive Murray Auchincloss this week promised a ‘fundamental reset’ of strategy as BP reported on Tuesday that profits last year fell to the lowest level since the pandemic.

Auchincloss is facing mounting pressure to abandon BP’s strategy of focusing on renewables.

Elliott reportedly wants BP to limit spending on renewables and sell a significant proportion of its green assets – and could push for chairman Helge Lund to quit.

Jakers you are correct

So why no RNS

Elliott’s stake

The size of Elliott’s stake – which equates to nearly five per cent of BP’s overall and prompted the oil major’s stock to nudge down one per cent – will pile further pressure on under-fire boss Murray Auchincloss to go further and faster with his firm’s long-trailed strategic overhaul.

The reset is set to be unveiled at the firm’s delayed capital markets day on 26 February, at which the oil giant is expected to renege on ambitious renewable and climate commitments made under Auchincloss’s predecessor, Bernard Looney.

Since the start of 2020, BP has raised its spending on energy transition activity – including wind power and controversial carbon capture technology – from three per cent to 30 per cent.

This is not the normal.

Exactly why no RNS

Https://finimize.com/content/elliott-investments-stake-in-bp-sparks-share-increase

Https://www.reuters.com/business/energy/elliott-discloses-nearly-5-billion-stake-bp-ft-reports-2025-02-13/#:~:text=Feb%2013%20(Reuters)%20%2D%20Activist,people%20close%20to%20the%20matter.

Absolutely fantastic

Why did they not release their holding sooner

I bet a few people knew

Https://www.livecharts.co.uk/MarketCharts/brent.php

Good afternoon Jakers

Freezing here 🥶🥶🥶🥶

£5.70 will be nice but my target of £6.40 is achievable ( 2025)

Onwards and Upwards 😀😀😀😀

Bernstein reiterates BP stock Outperform with GBP5.70 target

Where is the announcement of Elliott’s holding in Bp

As its significant why not declared

I know about the 3% threshold

Why do they not say

OSLO, Feb 12 (Reuters) -

Norwegian oil and gas group Aker BP said on Wednesday it had raised its quarterly dividend by 5% after posting a smaller than expected decline in core profits for the October-December period.

Earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $2.72 billion in the fourth quarter from $3.17 billion a year earlier, slightly exceeding the $2.66 billion expected in a poll of 19 analysts compiled by Aker BP.

Norway's second-largest listed oil company, partly owned by BP, said it would increase its quarterly dividend to $0.63 per share from $0.60 per share.

Aker BP expects its 2025 oil and gas production to decline to 390,000-420,000 barrels of oil equivalent per day (boepd) from 439,000 boepd last year, before rising to more than 500,000 boepd in 2028 as new offshore fields come on stream.

"We have a clear pathway to sustain production above 500,000 barrels per day beyond 2030, with ambitions for further growth," Aker BP's CEO Karl Johnny Hersvik said in a statement. (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

BP could sell its US shale division, offload lubricants business Castrol – which it bought for £4bn in 2000 – and exit the retail electric vehicle charging market as part of plans to drive shareholder value.

And a merger with an oil rival remains firmly on the table –with Shell or Chevron touted as potential buyers.

Scene

😄😄

Https://www.thisismoney.co.uk/money/markets/article-14386393/BP-faces-pivotal-moment-Board-firing-line-activist-Elliott-sets-scene-shake-up.html

Https://www.livecharts.co.uk/MarketCharts/brent.php

What changes might Elliott make to BP?

Besides breaking BP up, which is certainly one possibility, there are various courses of action that Elliott could take now that it has a substantial stake in BP.

It is expected that it will shift the firm’s strategy away from its renewables business, which has so far generated lacklustre results, and towards its core oil and gas businesses.

Elliott’s influence could even see BP become the latest company to join the London stock market exodus, with the FT citing a top-25 shareholder speculating that the hedge fund could push for BP’s listing to be moved from London to New York.

It should be noted that, at present, all of these are speculative, and that neither BP nor Elliott has confirmed the size of the latter’s stake.

Singer come on break Bp up

Change all the leadership

Transfer to USA

Then we will all be happy