BP bosses have unveiled plans to look for further cost cuts and conduct a “thorough” review of its portfolio as it comes under pressure from shareholders.

Chief executive Murray Auchincloss pledged the oil and gas group would do “better for its investors” and said there was “much more to do” under its current three-year plan.

BP has been under pressure from shareholders to boost profits and cut costs, with activist investor Elliott Management recently taking a 5% stake in the group.

The group saw half-year profits tumble by nearly a third as weaker oil prices weighed on earnings, although it posted a better-than-expected performance for the second quarter.

It reported a 32% fall in underlying replacement cost profits – the group’s preferred profit measure – to 3.73 billion US dollars (

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