06:16 AM EDT, 08/05/2025 (MT Newswires) -- BP (BP) said Tuesday plans to review its business portfolio and cut more costs in a bid to improve shareholder value.

"Expected proceeds from completed or announced divestments have reached around $3 billion for the year and we have now delivered around $1.7 billion of structural cost reductions since the start of our program," Chief Executive Murray Auchincloss said.

"We have announced a dividend per ordinary share of 8.32 cents, an increase of 4%, and a further $750 million share buyback for the [Q2]," Auchincloss said.