Elliott Wants BP to Double Cost Cuts Target to $10 Billion

Elliott Wants BP to Double Cost Cuts Target to $10 Billion

Elliott Management, the activist U.S. hedge fund with 5% in BP, is doubling down on its pressure on the UK supermajor to deliver massive cost reductions after the reset, seeking doubling of the current target of $5 billion by 2027, the Financial Times reports.  BP’s stock has been underperforming its UK-based peer, Shell, and other major international oil firms in recent years. The BP board has been under increased pressure to seek fundamental c…