BP will abandon his pledge to reduce oil and gas production and announce at least one major withdrawal on the investor day on Wednesday, the persons familiar with the plan, as CEO of Murray Oshinclos, said to persuade the activist Elliot management that he could wander in the main energy.

Auchincloss “re -setting” a basic reset “to enhance performance after the emergence of the American hedge fund has built a share of approximately 5 percent in FTSE 100 pounds.

The shareholders and members of the Auchincloss Board of the Investor Day this week as the most difficult test in the 27 -year -old Canadian executive authority BP A professional life.

Auchincloss became the permanent CEO 13 months ago after the dismissal of former President Bernard Loni for a scandal about previous relations with colleagues. A person familiar with the thinking of the Board of Directors said that some BP board members believe that Auchincloss has moved very slowly in announcing the type of strategic changes necessary to restore the investor’s confidence.

Irene Hemona, an analyst at Bernstein, said it was the moment of “making or breaking” the company. As the former BP financial director, Auchincloss was very associated with the current strategy to abandon it immediately.

Instead, he indicated the desire to produce more oil and gas and reduce spending elsewhere, but stopped announcing the main changes. She said: “He now needs to spell that because the time has passed and changed the outside world.”

The investor day was planned before BP realized the company Eliott’s class in the company, but the arrival of its activist Increased pressure On auchincloss for radical changes.

Elliot did not publicly comment on her position. In calls with other BP shareholders, the activist was guarded about what you want to do, and exposed problems instead of mandatory solutions.

One of the big shareholders at BP, which spoke with Elliot, said: “They were guiding somewhat as they said, a little amazing.” “What we got is a lot of diagnosing very good problems.”

Among other issues, Elliott highlighted that the BP targets to increase green energy production and low oil and gas production have destroyed the value by linking the company to fixed goals.

According to the transformation strategy presented by LONEY and Auchincloss in 2020, BP committed to oil and gas production by 40 percent by 2030. They also promised to develop 20 gigawatts of renewable energy energy by 2025 and 50 GB by 2050.

In 2023, amid turmoil in energy markets after Russia’s invasion of Ukraine, Lony presented the target of oil and gas to a 25 percent decrease, saying that governments were asking companies such as BP to invest in the “energy system today”.

Two people are familiar with the plan, that Auchincloss on Wednesday would return further, while completely abandoning the goal.

Hemona at Bernstein said that Ocinkicus could go further and commit to the increase in oil and gas production from the current levels. She noted that Exxonmobil, Chevron and Shell all said they would continue to increase production. BP produces about 2.3 million barrels of equivalent oil per day, a decrease from about 2.6 million B/D in 2019.

The shareholder, who spoke with the hedge fund, said that Elliot also pushes BP to make large investments, but he did not tell other investors of the assets that need to go.

Since the DEPWatter Horizon disaster in 2010 BP left a $ 62.5 billion invoice, the company has always had targets for disposal revenues but it did not stop announcing early planned withdrawals. This is expected to change on the investor’s day, as Oshnixus is preparing to announce at least one large withdrawal, a person who is familiar with the plan said.

Analysts have identified many options including selling lubricants, stripping parts of the Marketing and Retail Empire and the inclusion of its American rock business in New York.

Analysts and shareholders said that BP can also be committed to rotating all or part of the carbon units, such as BP Bresting Solar or Bunge Boenergia Biochemical Product. Auchincloss last year put the entire marine winds in BP in a new independent joint venture with Japanese Jera in an example of what he described as implementing an “capital light” approach to investing in energy transmission.

Elliot A share was built in Anglo American in 2024, when it appeared that the BHP competitor was close to the UK group on acquisition. Ultimately, Elliot, Anglo, supported after its president and CEO explained a radical strategy to maintain the company’s independence by stripping several parts of the work, helping her to formulate the BHP offer. The hedge box wants to see something similar to BP, a person familiar with his thinking of Financial Times.

Two people are aware of the participation, that Elliot met Auchincloss and its president, Helge Lund, and has not yet raised the possibility of changing employees at the level or executive level.

However, some members of the Board of Directors expect that the changes in the Board of Directors will be the following on the Elliott agenda if the investor’s day does not impress, according to the person familiar with the thinking of the Council. The person added that this could include a batch of a new chair, followed by the new CEO.

Lund has been the head of BP since 2019 and has had a fundamental role in appointing Lony and developing its current strategy. He then supervised the BP’s lengthy response to the allegations that Lony had failed to completely reveal his previous relationships with colleagues and stopped the strategy of the former CEO after his rejection.

When BP reduced its commitment to cut oil and gas production in 2023, its shares rose by more than 10 percent in the next 48 hours. Some investors will hope to officially give up all production discounts a similar effect this week.

However, doing this will require BP to thwart other shareholders by reducing its plans to reduce emissions. A group of investors wrote to Lund last week, demanding shareholders Get a vote On any changes whose climatic goals fall.

“It is clear that if they are away from low carbon and the escalation of oil and gas a little, you expect to adjust those goals down,” said Hemona from Bernstein. “BP will not be in the same position to reduce its emissions at the speed of the current plan.”

BP and Elliott rejected the comment.