BP Faces Elliott Pressure Ahead of Update on $5 Billion Cost Cuts

BP plans to brief investors on Tuesday on the progress of its previously announced initiative to trim operating costs by about $5 billion, according to a Financial Times report corroborated by Reuters. The update follows growing pressure from Elliott Management, the activist hedge fund that has been urging the energy major to accelerate and deepen its efficiency measures. The presentation will mark the first detailed checkpoint on the multiyear savings programme since BP unveiled the target in 2023. While specifics of the forthcoming disclosure were not released, Elliott has pressed the company to pursue additional reductions beyond the $5 billion goal, arguing that lower expenses are essential to improve returns amid volatile commodity prices.