Overview

• BP reported an underlying replacement cost profit of $2.35 billion for the second quarter, beating analyst forecasts of $1.81 billion.
• The board approved a $750 million share buyback and raised the quarterly dividend by 4% to 8.32 cents per share.
• Chief executive Murray Auchincloss and chairman-elect Albert Manifold initiated a comprehensive cost and portfolio review that leverages AI to drive further efficiencies.
• BP confirmed plans to cut about 6,200 office-based roles and 1,200 contractor positions by year’s end and signaled the possibility of additional reductions.
• Activist investor Elliott Management, holding approximately 5% of BP’s shares, is pressing to double the structural cost-cut target to $10 billion by 2027.