BP Plc CEO Murray Auchincloss insisted that the company’s “fundamental reset” has been in the works for a year, while refusing to comment on an analyst’s question about whether he’s had engagement with activist Elliott Investment Management.

The energy giant was vague on details, but analysts say the changes is likely to include less spending on renewable sources and a bigger investment in oil and natural gas production.

BP chief Murray Auchincloss says the restructuring will ‘be a new direction for BP’ - Amr Alfiky/Reuters. BP has halted all investment into renewable energy as part of a “fu

The chief executive officer says he’s met with shareholders constantly this past year, and the market will like oil major’s new direction.

BP announced plans to "fundamentally reset" its strategy Tuesday as Elliott Investment Management reportedly has taken a "significant" stake in the British oil giant.

By Arunima Kumar (Reuters) -BP CEO Murray Auchincloss pledged on Tuesday to fundamentally reset the company's strategy as it reported a 35% fall in annual profits, missing analysts' expectations. The drop in profit to $8.

BP CEO Murray Auchincloss announced plans to fundamentally revise BP's strategy after the company reported a 35% drop in annual profits. This decline intensifies pressure following Elliott Investment Management's stake acquisition.

UK supermajor BP saw its profit drop 60% in the fourth quarter of 2024, slightly missing analyst forecasts, as chief executive Murray Auchincloss promised the company strategy is ripe for a “fundamental reset”.

BP said profit fell more than expected and that it would reset its strategy, days after reports that activist hedge fund Elliott Management is pushing for change at the company.

BP has pledged to “fundamentally reset” its strategy and improve its performance as the struggling oil major reported a steep drop in profits for the final quarter of last year. On Tuesday, the group reported underlying profits of $1.