Elliott Investment Takes Aim at Boosting BP’s Shareholder Value!

Elliott Investment Management, an activist investor, has bought shares in BP, the big oil company, according to a source who talked to Reuters. This investor believes BP is undervalued and wants to help increase its share value. However, the exact amount of BP shares Elliott owns is not known.

BP is currently worth about 69 billion pounds (around $85.6 billion), which is much less than its competitor Shell, which is worth about 161 billion pounds. Recently, BP announced it plans to sell a refinery in Germany. The CEO of BP, Murray Auchincloss, is trying to cut costs by at least $2 billion by 2026. He is also taking steps to regain the trust of investors after his predecessor, Bernard Looney, left suddenly last year. Auchincloss will share his new plan with investors on February 26.

BP has also warned that its profits might drop by up to $300 million next quarter because of low refining margins and maintenance work. Other global oil companies have also reported that they are not expecting a profit increase soon. BP will share its financial results for the fourth quarter and the full year on February 11.

Elliott Investment Management is known for pushing companies to change and has around $70 billion in assets. They have recently suggested breaking up Honeywell and built a stake in Anglo American when it looked like it might be bought by a larger company.