BP (BP) is expected to announce a strategic turnaround, maintaining oil and gas production and potentially selling its lubricants business, due to pressure from activist investor Elliott Investment Management, Bloomberg reported Tuesday, citing people familiar with the matter.
CEO Murray Auchincloss promised a shift in a presentation last week as investors are unhappy with the company's returns after five years of heavy investments in clean energy and Elliott may push for management changes if it is unsatisfied with the plans, the people reportedly said.
BP is planning to divest Castrol lubricants business, potentially valued at $10 billion, to strengthen its balance sheet, reverse oil and gas production cuts and scale back renewable targets, the report added.
Neither BP nor Elliott immediately responded to MT Newswires' requests for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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