BP Plc pledged major changes at its upcoming strategy update after reporting a sharp drop in profit, as the company seeks to reverse a prolonged period of under-performance that has now drawn in activist Elliott Investment Management.

Shares in BP rose by 7% on Monday, and were on track for the biggest daily gain in two years, as investors anticipated that activist shareholder Elliott Management will press for board changes and strategy shifts to boost returns.

Beleaguered shareholders of BP Plc who’ve watched their investment lag over the past few years are banking on activist Elliott Investment Management LP’s track record to help them extract some value from their positions.