Elliott Investment Targets BP, Seeks Strategic Overhaul

Elliott Investment Management has significantly increased its stake in BP, prompting the oil giant to commit to a strategic overhaul amid a 36% decline in profits. BP's CEO, Murray Auchincloss, announced plans for a 'fundamental reset' of the company’s strategy as it faces pressure from Elliott, which has previously successfully pushed for changes in other firms. The activist investor's involvement has contributed to a surge in BP's share prices, which recently jumped 7% on news of Elliott's stake. The company is expected to outline more details regarding its strategy and investor returns in an upcoming update on February 26. In parallel, Elliott has also increased its stake in Phillips 66, advocating for operational changes to boost the company's stock value through potential spin-offs. Phillips 66 has expressed willingness to engage in constructive discussions with Elliott to enhance shareholder value.