BP shifts strategy to boost oil output, cut green investments, and enhance shareholder returns with 20% free cash flow growth through 2027. See why BP is a Hold.

Elliott Investment Management is ramping up pressure on BP Plc after its new strategy fell short of the activist investor’s expectations, people with knowledge of the matter said.

In an industry where timing is everything, BP made the right bet at the wrong time,” says one professor who has studied its strategy.

BP slashed planned investment in renewable energy and said on Wednesday it would increase annual oil and gas spending to $10 billion, in a major strategy shift aimed at boosting earnings and investor confidence.

The energy giant said it would cut planned investment in clean energy and redirect spending toward fossil fuels.

Chief executive tells the Financial Times there will be “tremendous demand” for oil and gas and expects majority of company's future growth to come from the US and Middle East.

The strategic review of Castrol will consider all options with a focus on value creation. Proceeds from any potential transaction that may arise as a result of the review will be allocated to strengthening BP’s balance sheet,