08:11 AM EDT, 03/21/2025 (MT Newswires) -- Elliott Management, holding a near 5% stake in BP (BP), is urging the company to make more aggressive changes, including cost cutting measures and possibly reshuffling its leadership, Reuters reported Thursday, citing two major shareholders.

The report said that despite BP's recent strategy shift toward hydrocarbons, Elliott and other investors are pushing for deeper reforms. Elliott is pushing for a reduction in annual spending to below $13 billion and urging a sale of a significant portion of BP's petrol station network, Reuters said citing a source familiar with the matter.

BP plans to spend $13-$15 billion annually and cut costs by $4-$5 billion through 2027.

Shareholders will vote on re-electing BP's board, including Chairman Helge Lund and CEO Murray Auchincloss, at the annual general meeting on April 17.

BP and Elliott did not immediately respond to MT Newswires' request for comment.

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