02:14 PM EST, 03/04/2025 (MT Newswires) -- (Updates with the company's response in the seventh paragraph and latest stock move at the end.)

BP (BP) plans to appoint two new directors as part of its shift back to oil and gas, the Financial Times reported Tuesday, citing sources familiar with the matter.

Chair Helge Lund reportedly wants the board to reflect BP's strategic pivot away from its previous green energy focus.

The board is expected to expand from 11 to 13 members, with one new director focused on oil and gas and another overseeing the remuneration committee, according to the report.

It remains unclear how far BP progressed in the process or whether it consulted Elliott Management, which has built a nearly 5% stake and has pushed for reduced spending on renewables.

Elliott Management believes BP's revised strategy does not go far enough and suggested major divestments in renewable assets, the report added, citing a separate source.

The hedge fund may seek board changes targeting members most closely associated with BP's 2020 strategy to reduce oil and gas production, an energy executive familiar with Elliott's prior campaigns told the publication.

BP declined to comment to MT Newswires.

Shares of BP were down less than 1% in recent trading.

(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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