BP Plc posted second-quarter adjusted net income of about $2.35 billion, comfortably ahead of the roughly $1.8 billion consensus, as stronger oil trading and higher volumes offset softer crude prices. Adjusted earnings per share rose to 15.03 cents, beating estimates of 11.71 cents, while operating cash flow reached $6.21 billion. The London-based oil major raised its quarterly dividend 4% to 8.32 cents and said it will repurchase $750 million of stock before its third-quarter results, maintaining the pace of buybacks despite market volatility. Net debt fell by about $1 billion to $26.04 billion. Chief Executive Officer Murray Auchincloss said BP will undertake a comprehensive review of its entire business portfolio and initiate an additional cost review. The company has already eliminated $1.7 billion in structural expenses and is targeting $4-to-$5 billion in savings and up to $20 billion in asset disposals by 2027. The strategic overhaul follows mounting pressure from activist shareholder Elliott Investment Management and will be overseen by incoming chairman Albert Manifold, who takes office next month. BP expects reported upstream production in the third quarter to be slightly lower than in the second as it reallocates capital and weighs potential partnerships for select assets.