Elliott Investment Management is ramping up pressure on BP Plc after its new strategy fell short of the activist investor’s expectations, people with knowledge of the matter said. Most Read from BloombergThe Trump Administration Takes Aim at Transportation ResearchShelters Await Billions in Federal Money for Homelessness ProvidersNYC’s Congestion Pricing Pulls In $48.

Elliott Investment Management is ramping up pressure on BP Plc after its new strategy fell short of the activist investor’s expectations, people with knowledge of the matter said.

U.K. oil major BP said Wednesday it’s having a “fundamental reset,” having fallen far behind U.S. rivals Exxon and Chevron in investor returns over the past few years. Investors are skeptical. The company’s American depositary receipts fell 1.