BP is launching a new cost-cutting scheme to address pressure from activist investors although it reported better-than-expected profits, rising to $2.35 billion in Q2, despite a 15% year-on-year decline. CEO Murray Auchincloss stated the company has achieved operational success by commissioning new oil and gas projects. Dividends increased by 4% to 8.32 cents per share. BP aims to cut over $5 billion from its green investment plan while responding to demands from Elliott Management for more aggressive operating cost reductions.
BP is launching a new cost-cutting scheme despite reporting better-than-expected profits to appease shareholders and address pressures from activist investors.
The company reported a profit of $2.35 billion for Q2, a 15% drop from a year prior due to falling oil prices, yet an increase from Q1.
CEO Murray Auchincloss noted five major oil and gas projects initiated this year while announcing a 4% hike in shareholder dividends.
Under pressure from Elliott Management, BP plans reviews and has already aimed to cut over $5 billion from its previous green investments.
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