US activist investor builds stake in BP as oil giant faces shareholder pressure to refocus on fossil fuels

By JESSICA CLARK

Updated: 21:50 GMT, 9 February 2025

A US activist investor has built a stake in BP as the oil giant faces shareholder pressure to refocus on fossil fuels.

New York hedge fund Elliott Management could force a shake-up at the FTSE 100 firm.

It comes as shareholders urge BP boss Murray Auchincloss to scrap the green agenda spearheaded by his predecessor Bernard Looney.

Investors have grown frustrated with the firm’s underperformance compared to rival Shell.

Under pressure: Shareholders want BP boss Murray Auchincloss (pictured) to scrap the green agenda spearheaded by his predecessor Bernard Looney

Auchincloss is also under pressure to close the valuation gap with American competitors Chevron and ExxonMobil, which have doubled down on profitable oil and gas.

BP and Elliott declined to comment on the activist investor’s stake, first reported by Bloomberg.

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US activist investor builds stake in BP as oil giant faces shareholder pressure to refocus on fossil fuels

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