1157 GMT - BP's share price reaction to the oil major's new strategy shows an underwhelmed market, AJ Bell investment director Russ Mould writes. BP had announced last month that it would pivot back to fossil fuels in a bid to revive its flagging share price. The energy company's strategy update is aimed at winning over investors. This includes activist hedge fund Elliott Management, which recently took a stake in BP with a view to pushing for significant changes. In mid-April, BP will host its annual general meeting and will be sitting uneasily in case it gets an aggressive letter from Elliott, Mould writes. "The meeting itself will be a test of the current management's ability to resist outside pressure and pursue its own course," Mould adds. Shares closed at 436.90 pence on the day before the strategy announcement, and are currently up 1.5% at 419.45 pence.(adam.whittaker@wsj.com)
(END) Dow Jones Newswires
March 10, 2025 07:57 ET (11:57 GMT)
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