Mon Feb 10 12:30:00 UTC 2025: ## Activist Investor Elliott Takes Stake in Underperforming BP, Seeking Change

**London, February 17, 2024** – Elliott Investment Management has acquired a significant stake in British oil giant BP Plc, according to sources familiar with the matter. The move comes as BP struggles with years of underperformance and investor dissatisfaction, trailing significantly behind competitors like Shell and ExxonMobil.

BP’s stock price has fallen approximately 8% over the past five years, while rivals have seen gains of at least 30%. The company’s previous strategy, heavily focused on net-zero emissions under former CEO Bernard Looney, is widely considered to have failed. Current CEO Murray Auchincloss is expected to unveil a revised strategy focused on oil and gas production on February 26th, but investors remain skeptical, particularly after BP warned of slower share buybacks in October.

Elliott, known for its activist approach, aims to boost shareholder value by pushing for transformative changes at BP. The fund believes the company is significantly undervalued. While the exact size of Elliott’s stake remains undisclosed, its involvement signals a potential major shakeup for the energy giant.

This is not Elliott’s first foray into the energy sector. The firm has a history of successfully pushing for change at major energy companies, including recent interventions at Honeywell International and Anglo American. Its actions follow similar activist campaigns at other oil majors, such as Engine No. 1’s successful challenge to ExxonMobil and Third Point’s involvement with Shell.

BP, with a market capitalization of approximately $86 billion, is currently worth less than half of Shell. The company’s weak performance has fueled speculation about potential acquisitions, with Shell, ConocoPhillips, and TotalEnergies SE mentioned as possible suitors. BP recently announced a 5% workforce reduction as part of broader cost-cutting measures. The company is scheduled to release its fourth-quarter financial results on Tuesday, which are expected to reflect overall weakness.

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