Elliott Management seeks shareholder support for changes at BP.

Activist investor Elliott Management is engaging with various major shareholders to gather support for further changes at oil giant BP. Two shareholders speaking to Reuters indicated that the proposed changes could potentially involve cost reductions and a restructuring of the company's leadership.

However, BP's stock performance has lagged behind competitors Shell and Exxon over the past five years. Investors attribute this underperformance partly to BP's strategy of expanding its renewable energy sector while simultaneously aiming to reduce oil and gas production, a plan that the company initially softened. Last month, BP made a significant shift in its strategy, quickly refocusing on hydrocarbons. Nevertheless, shareholders in separate discussions with Elliott Management and the activist investor himself advocate for more comprehensive changes within the company.