BP's days as a green(ish) oil company numbered

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Troubled BP’s BP 0.00%↑ days as a greener oil company than its competitors might be numbered as pressure builds for its board to come up with a big plan to reverse a years-long decline in its share price after the company reports earnings this week. At stake is the concept that an oil giant can also ride the renewable energy transition.

CEO Murray Auchincloss has already cut thousands of jobs and reeled in some of the renewable energy projects of his predecessor, Bernard Looney. But investors will be looking for more after the results, which are expected to be weak amid declines in its oil production and refining units. A briefing for analysts is set for later this month in London and at least one activist shareholder, Elliott Management, has taken a stake and is expected to demand a transformation, according to Bloomberg.

BP was once widely seen as the most progressive of the major oil companies, as it maneuvered into wind and solar energy along with oil, with the idea of helping lead the green energy transition.