BP (BP) is slated to announced a possible sale of its lubricants unit and drop plans to lower oil and gas output as it begins to shift away from renewable energy amid pressure from activist investor Elliott, Bloomberg’s Dinesh Nair, Aaron Kirchfeld, and Mitchell Ferman report, citing people familiar with the matter. In a strategy presentation, CEO Murray Auchincloss has pledged to “fundamentally reset” the company following five years of heavy investment in clean energy that left investors displeased with their returns, the authors note.
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