(Bloomberg) -- BP Plc said its new chairman will conduct a review of the entire portfolio and the company will seek to cut costs beyond current targets as it works to reverse years of poor performance. Most Read from Bloomberg The UK oil major announced the review Tuesday as it posted earnings that topped estimates on the back of strong trading results and robust cash flow. That gives the company a little breathing room as it faces pressure to deliver on a turnaround plan, including from activist investor Elliott Investment Management, which has called for sweeping changes and deeper cost cuts. BP reported a $900 million reduction in structural costs in the first half. It also said it's completed or announced at least $3 billion of divestments this year as it works to bring down debt and refocus on the core oil and gas business after a failed net zero strategy.