Elliott Management Urges BP to Cut Spending ...Middle East

OILPRICE - Economy
Elliott Management Urges BP to Cut Spending
source : OILPRICE ( Middle East ) () 29
Activist investor Elliott Management has declared a stake of over 5% in BP and has urged the company to boost cash flow via spending cuts. “Eight weeks ago, we announced a fundamentally reset strategy, and our focus now is on delivering that at pace,” spokesman David Nicholas told Bloomberg in a statement. “We welcome constructive feedback from all shareholders as we focus on delivering.” The activist investor’s free cash flow target for the supermajor is $20 billion annually by 2027, which is 40% above BP’s…

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