According to reports, activist investor Elliott demands BP PLC to increase cash flow and deepen cost reductions

According to a report by Reuters, activist investor Elliott Management has urged BP PLC to increase its annual free cash flow from approximately $8 billion last year to $20 billion by 2027. The investment firm has requested the company to reduce its annual spending to about $12 billion from now until 2027, lower than the current $13 billion to $15 billion, and to deepen cost-cutting measures, particularly in administrative expenses. BP had previously proposed to increase its annual free cash flow by about 20% until 2027, projecting it to rise to nearly $14 billion by 2027.

Elliott Management holds over 5% of BP's shares through derivatives such as stock swaps, making it one of the company's major shareholders. The firm had previously met with over 20 of the most active shareholders and media reported last month that it demanded the company to deepen cost-cutting measures and replace management, as well as to sell its renewable energy business