BP shares rise 1.48% premarket after reporting higher-than-expected Q2 earnings and announcing a new cost review.

BP P.L.C. rose 1.48% in premarket trading, with the company reporting a second-quarter profit of $2.53 billion, beating expectations. BP also announced a new cost review and portfolio evaluation, aiming to address investor concerns and boost shareholder returns. Additionally, the company highlighted the start of the Argos expansion project in the Gulf of Mexico, which is expected to add 20,000 barrels of oil equivalent per day of gross peak annualised average production.