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.

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It reported a 32% fall in underlying replacement cost profits – the group’s preferred profit measure – to $3.73billion (£2.81 billion) for the six months to June 30.

Underlying profits fell 15% year-on-year to $2.35bn (£1.77 billion) between Apr

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