Oil company BP is cutting 4,700 jobs worldwide as part of a cost-saving drive aimed at reducing expenses by $2 billion by the end of 2026. CEO Murray Auchincloss said in an email to staff that the job losses account for much of the anticipated reduction this year and will leave about 5% of the company’s 90,000 employees without work.
The cuts come as BP tries to bring more digital capabilities into its business, with artificial intelligence playing a key role in engineering and marketing operations. The company has also pulled back from several renewable energy projects and abandoned plans to cut oil and gas output by 40% by 2030.
Auchincloss said that despite the job losses, the company remains “uniquely positioned to grow value through the energy transition.” However, it needs to improve its competitiveness and keep pace with customers and society. The CEO’s comments come after a medical procedure forced him to delay an investor event in New York and postpone his scheduled capital markets event until February 26.
Source: https://apnews.com/article/bp-job-cuts-oil-b96729fc515a1495ca2fae320f62fefc