Oil giant BP posts 49% drop in first-quarter profit on weaker crude prices
1. BP's Q1 net profit missed expectations at $1.38 billion. 2. The company faces pressure from activist investors for higher oil spending. 3. Shareholder rebellion occurred with 24.3% voting against chair re-election. 4. Elliott Management increased its stake in BP, now the second-largest shareholder. 5. BP's strategic shift towards oil may not quell investor frustrations.