US activist investor Elliott Management is aiming for BP PLC to cut hundreds of jobs from its head office and simplify its structure, The Times reported Saturday.
Florida-based Elliott is lobbying for the London-based oil major to close several divisions and cut administrative functions, in an attempt to cut costs.
The investor wants BP to close BP Ventures, its £1.2 billion venture capital arm, which has supported 75 energy start-ups that BP believes may become profitable. It has deployed £900 million worth of capital to different ventures over its 18-year lifespan, The Times said.
Further, Elliott wants BP to axe its forecasting arm which predicts macroeconomic conditions such as the oil price, and trim its strategy team, which was responsible for planning BP’s transition away from fossil fuels, which BP is now reversing.
Back in February, it was revealed Elliott had built a near 5% stake in BP and was pushing for sweeping changes after a long a period of underperformance.
Elliott now holds a stake of more than 5% and is BP’s second-largest shareholder.
BP shares had closed 0.5% higher at 363.91 pence each on Friday in London. Its shares are 31% lower than a year ago.
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