BP is planning to cut around 4,700 jobs as part of a major cost-reduction exercise aimed at lowering costs and delivering $2 billion in cash savings by 2026. The energy firm’s workforce currently stands at approximately 87,800, with contractor numbers also being reduced by 3,000.
The move comes after BP underperformed its European rivals in recent times, with investors questioning the company’s investment case. Weaker refinery margins and turnaround activity are expected to impact fourth-quarter profit, with further declines in oil production anticipated.
Shares of BP traded 1.4% higher on Thursday morning despite the news. A capital markets event scheduled for February 11 has been postponed to February 26 due to CEO Murray Auchincloss’s recovery from a planned medical procedure.
Source: https://www.cnbc.com/2025/01/16/oil-major-bp-to-cut-thousands-of-jobs-in-cost-cutting-drive.html