BP Chair to Review Business as Pressure Mounts on Turnaround

BP Plc said it achieved a further $900 million of cost cuts and will raise about $3 billion from completed or announced divestments, as the oil and gas major works to shore up its balance sheet and reverse years of poor performance.

A drastic reduction in expenses is a key demand of activist investor Elliott Investment Management, which amassed a stake earlier this year to force sweeping changes at the UK energy giant. BP Chief Executive Officer Murray Auchincloss needs to show he’s making good on promised reforms after the shares sank 17% in two years, trailing far behind peers.