According to Circles, BP is thinking about selling its lubricant business.
This would accommodate the British oil company to the activist US investor Elliott Investment Management. This is involved in five percent and has in the past demanded drastic cost reductions and the sale of assets. The business unit could bring in ten billion US dollars to the group, the Bloomberg news agency reported on Tuesday, citing the matter.
A sale is one of numerous options that BP consider to regain the trust of investors after years of below average development. According to Elliott, the lubricant business is also one of the sales candidates. BP could announce the separation on its capital market day on February 26, the districts said. A final decision has not yet been made. Representatives of BP and Elliott would not have wanted to comment on the matter.
A week ago, the oil company announced significant strategy changes for the event that took place at the end of the month. “We are now planning a fundamental realignment of our strategy and want to promote the improvement of our performance,” said CEO Murray Aschtin Close when submitting quarterly figures. Increasing financial means inflows and returns should be brought to the fore.
The profit had decreased significantly in the fourth quarter due to falling oil prices and lower refinery strikes. There were also burdens in the course of ongoing restructuring. BP also made value adjustments, so that the bottom line was that there was a loss of billions.
With $ 1.75 billion for stock returns, the group still keeps its pace. However, it is expected that the company will step on the brakes in the current year. BP had announced in autumn that there could be fewer return purchases of their own stocks in 2025 than before. So far, the group has promised $ 14 billion. On the investor day taking place on February 26, there should also be an update and the medium -term goals.
At the event, CEO should again, according to analysts, will again present a stronger focus on classic oil and gas business. A year ago, the manager took over the helm permanently after initially led the oil company to interimistic after the resignation of his predecessor Bernard Looney.
New York (dpa-Afx)
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