Activist investor Elliott Management has urged BP to boost its free cash flow to $20 billion by 2027 from around $8 billion last year through significant spending cuts and cost reductions, a source familiar with the situation said on Tuesday.

Activist investor Elliott Management is pushing oil and gas giant BP PLC (BP) to increase its annual free cash flow to $20 billion by 2027

Activist hedge fund Elliott Management reported it holds ~5% of voting rights in BP, and wants the company to improve free cash flow by an additional 40% through significant spending cuts.