Reported about 5 hours ago
BP Plc has announced a strategic shift back to its core oil and gas business in response to pressure from activist investor Elliott Management, pledging to increase production slightly while cutting investment in renewable energy. Despite these changes aimed at appeasing shareholders, the company intends to slow share buybacks significantly, reducing them to $1 billion quarterly from the previous $1.75 billion. This comes after a substantial drop in stock value and pressure from Elliott, which holds a nearly $5 billion stake in the company.
Source: YAHOO