BP chief says it will ‘fundamentally reset’ amid threat of activist investor

Jillian Ambrose

Feb. 11, 2025, 1:53 p.m.

Murray Auchincloss promises improvements after annual profits fell to $8.9bn last year from almost $14bn in 2023

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The chief executive of BP has promised to “fundamentally reset” the oil company’s strategy to defend it against the threat of a radical overhaul by an activist investor.

BP reported a sharp slump in annual profits to $8.9bn (£7.9bn), from $14bn the year before, just days after it emerged that the activist hedge fund Elliott Investment Management has taken aim at the oil major by building a stake in the company.