BP pledged Tuesday to examine its portfolio and finances this year as the company works through a shift away from low-carbon energy projects and focuses further on oil and gas.
In a second-quarter earnings call, BP CEO Murray Auchincloss said the company has already cut costs and hopes to grow its oil and gas production business segment. But he said there’s more to do — including a “thorough review of our portfolio of businesses to ensure we are maximizing shareholder value.”
“We are also initiating a further cost review, and while we will not compromise on safety, we are doing this with a view to being best in class in our industry,” Auchincloss said. “BP can and will do better for its investors.”
London-based BP reported an adjusted profit of $2.4 billion for the second quarter, down from $2.8 million in the same period last year. The company joined several other oil majors — including Exxon Mobil, Chevron and Shell — in reporting a decline in second-quarter earnings in recent days compared with last year while also beating many Wall Street expectations.
