Source: Elliott, an activist, has a stake in BP oil giant.

Activist investor Elliott Investment Management built a stake on oil major BP. A source familiar with this matter said that Saturday.

The source didn't specify the amount at stake.

Bloomberg News reported on Saturday that Elliott, a U.S. company, is trying to increase shareholder value by urging BP consider transformative measures. Elliott's stake was described as "significant" in the company.

Elliott and BP declined comment.

Bloomberg reported that the activist investor believes BP is undervalued. LSEG data shows that BP's market capitalization is about 69 billion pound ($85.62 million), which is less than half the value of Shell, at about 161 billion pound.

BP announced earlier this week that it will sell a refinery in Germany. The company's CEO is pushing forward with plans to reduce company costs by $2 billion by 2026.

Murray Auchincloss, BP's Chief Executive, has worked to rebuild investor confidence in the firm. The company announced in January that it would cut over 5% from its global workforce.

Auchincloss also aims to restore trust following the

abrupt departure

Bernard Looney, his predecessor in September 2023.

Auchincloss will present his new strategy on the 26th of February at a day for investors. He has already reversed his predecessor's decision to move away from oil and natural gas.

The British oil company has

You can also read about the warnings below.

A drop in refinery margins, as well as the impact of maintenance and turnaround activities could result in a quarterly profit decrease up to $300,000,000.

Other global refiners for January

You can also find out more about the offer.

There is little hope for a short-term increase in profits after the margins of fuel production have declined.

BP will report its full-year and fourth-quarter results on February 11, 2019.

Elliott has been a part of the team that is responsible for delivering the best possible service to its customers.

Most influential

Investors with assets of about $70 billion have recently called for Honeywell to be broken up. The fund has also acquired a stake of 3.2% in Anglo American, after BHP Group became interested in acquiring the London-listed mining company.

(source: Reuters)