CEO Murray Auchincloss has promised a “fundamental reset” to boost performance after it emerged US hedge fund Elliot had built a near 5 per cent stake in the firm.

“Boy, his hat is crises!” said Bob Dudley, former BP CEO and a mentor to Auchincloss. “I always said to Murray: management style should be fair, firm and friendly. Calm, patient and persistent. And I think he’s doing that.”

Will chief executive Murray Auchincloss be able to deliver a ‘fundamental change’ in strategy at key investor meeting to drive the growth he promised and turn around BP’s fortunes?

One of Aker BP's largest oil exploration prospects this year has been drilled in the Norwegian Sea with a disappointing result. The Bounty well was the second largest exploration target on Aker BP's current list with pre-drill potential of upwards of 440 million barrels of oil equivalent.

Merging BP and Shell isn’t a completely mad idea, says Yawen Chen in Breakingviews. Even modest savings from eliminating duplication could add $33 billion to the value of the combined group. But there are some big “drawbacks”.