Elliott Management has increased its stake in BP (BP) to more than 5% and is urging the energy group to increase its free cash flow by an additional 40% through steep cuts to spending, The Financial Times’ Malcolm Moore, Costas Mourselas, and Oliver Barnes report. Elliott has told BP that the “fundamental reset” outlined by the company’s CEO Murray Auchincloss in February does not go far enough and presented an alternative plan, according to people familiar with discussions, adding that the hedge fund is pushing BP to shift its focus from growing its oil and gas business to prioritizing a target of $20B in annual free cash flow by 2027.
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