BP Said to Plan Castrol Sale, Ditch Plan to Cut Oil Output (1)

BP Plc is set to announce a potential sale of its lubricants business and abandon plans to cut oil and gas output as it embarks on a shift away from renewable energy amid pressure from activist investor Elliott Investment Management, according to people familiar with the matter.

In a crucial strategy presentation on Wednesday, Chief Executive Officer Murray Auchincloss has promised to “fundamentally reset” the struggling oil major, after five years of heavy investment in clean energy left investors unhappy with the company’s returns. The next moves from Elliott, which is renowned for its aggressive tactics, will depend on ...