BP Plans Sweeping Business Review as It Vows to ‘Do Better’ (1)

BP Plc will embark on fresh reviews of its portfolio and costs as the oil major works to reverse years of underperformance, with Chief Executive Murray Auchincloss promising that the company “can and will do better.”

The UK oil major outlined the plans Tuesday as it posted earnings that topped estimates on the back of strong trading results and robust cash flow, while net debt decreased. The company has been under growing pressure to deliver on a turnaround plan, including from activist investor Elliott Investment Management, which has called for sweeping changes and deeper cost cuts.

The latest reviews extend ...