According to information provided by two investors to Reuters, Elliott Management, an activist investor, has engaged with major shareholders of BP to discuss potential changes at the oil company. The discussions include the possibility of cost reductions and a reorganization of company leadership. Over the past five years, BP stock has not performed as well as competitors like Shell and Exxon, partly due to their 2020 strategy to expand renewable energy efforts while reducing oil and gas production. Following a shift back towards hydrocarbons in a recent strategy update, investors, including Elliott, are seeking further significant changes. Elliott, which holds nearly a 5% stake in BP, has reportedly advocated for board and management changes, reduced annual spending below $13 billion, and more ambitious asset sales. BP, on their part, has stated that they have received support for their revised strategy and are focused on delivering results. The company aims to divest $20 billion of assets by 2027, increase oil and gas investments, decrease spending on renewables, and reduce net debt. Shareholders are scheduled to vote on the re-election of BP's board members at the upcoming AGM in April.