Elliott is trying to push the British oil company to cut spending on renewables and make big divestments, the FT report said.
BP’s shares fell 1.3% to 462.5 pence after the FT report.
A BP spokesperson declined to comment. Elliott Management did not immediately respond to a Reuters request for comment.
CEO Murray Auchincloss is on a mission to revitalise BP’s performance and boost profits.
Auchincloss will unveil the group’s new strategy to investors on February 26.
BP reported a decline in earnings on Tuesday, after enjoying two years of record profits driven by a recovery in consumption after the pandemic and spike in energy prices due to the Ukraine war.
BlackRock and Vanguard hold larger stakes in the energy major, at 9% and 5% respectively, the FT report said.
Elliott Management, which has about $70 billion in assets, is due to publish a regulatory filing in the U.S. on Friday to disclose its quarterly positions in listed companies.
(Reporting by Yamini Kalia and Arunima Kumar in Bengaluru; Editing by Devika Syamnath and Jane Merriman)
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