February 13, 2025 15:59 GMT
ENERGY SECTOR: Another BP Sources Piece (BBG)
ENERGY SECTOR
BPLN A1/A-/A+
Language here seems to downplay more drastic measures. This is the latest in a string of sources reports, each alluding to possible measures albeit without flagging specific moves. Focus remains on the 26 Feb CMD.
- “The activist investor has asked BP to slash expenses in a range of areas to bring them more in line with peers”.
- “Elliott wants BP to reshape its business to be more like other oil majors such as Shell Plc by cutting spending in areas such as renewable energy, as well as making sizable non-core asset divestments”.
- “The activist currently sees more value in overhauling BP’s operations and maintaining its independence, rather than selling out to a competitor at a small premium”.
- “It’s pushing BP to refocus its capital allocation priorities so it can boost shareholder returns through buybacks and dividends”.
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