12:09 PM EDT, 08/04/2025 (MT Newswires) -- BP (BP) will disclose progress on its $5 billion cost-cutting plan on Tuesday, as activist investor Elliott Management steps up pressure on the energy giant to make more aggressive cuts in operating expenses, the Financial Times reported Monday.

Elliott has "identified tens of thousands of BP support staff globally" as an example of the company's bloated cost base, the Financial Times said, citing a person familiar with Elliott's thinking.

While BP has previously announced a target of $4 billion-$5 billion of cost reductions by 2027 from a 2023 baseline, Elliott wants BP Chief Executive Murray Auchincloss to add another $5 billion of savings to that target, according to the report.

BP did not immediately respond to MT Newswires' request 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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