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The Guardian - UK

Business

Joanna Partridge

BP begins costs review as quarterly profits of £1.77bn beat forecast

British Petroleum Oil Murray Auchincloss

BP has already announced a round of significant cost-cutting. Photograph: David Gowans/Alamy

The oil and gas group BP is launching a fresh cost-cutting scheme, despite reporting better-than-expected profits, as it tries to do more for its shareholders to fend off pressure from activist investors.

The fossil fuel company said it would begin a fresh review of its business when its new chair, Albert Manifold, joins the board in September.

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