BP PLC shares declined 0.8% during early Thursday trading in the US market. Under the leadership of new Chairman Albert Maniford, the company has unveiled additional asset divestiture and cost reduction initiatives.

The energy giant plans to streamline its portfolio and raise $20 billion through asset sales by 2027 to reduce net debt. Since 2020, BP PLC's stock has fallen approximately 10%, with its price-to-earnings ratio remaining below that of industry peers such as ExxonMobil and Chevron.