BP Shares Jump as Elliott Management Takes Stake, Pressuring Oil Major on Strategy

BP shares surged early Monday after reports surfaced that activist investor Elliott Management has taken a stake in the oil major. BP has underperformed its British and U.S. energy peers. The company is set to release fourth-quarter results on Tuesday and outline its broader strategy on February 26th. The company recently warned of higher costs, lower refining margins, and one-off charges. BP is cutting 4,700 jobs as part of CEO Murray Auchincloss’ cost-saving plan. Shares rose over 6% in London trading on Monday.