Mr Auchincloss was appointed to the top role in January last year, having been acting chief executive since September 2023 following the surprise resignation of Mr Looney after BP’s former boss failed to disclose his past relationships with company colleagues.
Its close FTSE 100 rival Shell also revealed a steep profit drop when it reported at the end of last month as the sector has been knocked by weaker oil prices and lower demand for the fossil fuel, but BP’s profit woes appear more acute.
The hedge fund targeting BP has built a stake in the fossil fuel giant worth nearly £3.8 billion, according to reports, making it the third biggest investor in the company.
BP’s shares have languished in the past two years on investor concerns over a shift under previous boss Bernard Looney towards becoming a net zero energy company by 2050.
Elliott Management’s investment gives it a roughly 5% stake, enough to wage a widely expected campaign to make BP ditch most of its green energy commitments.
