BP plans to cut more than 5% of its workforce, affecting around 4,700 employees and 3,000 contractor roles. The move is part of the company’s cost-cutting drive, aiming to reduce costs by $2 billion by 2026. Last year, BP acquired businesses with large workforces, contributing to significant growth in employee numbers. CEO Murray Auchincloss has set a target to achieve this reduction through various actions, including stopping or pausing projects and digitizing operations.
The job cuts will be implemented as the company strengthens its competitiveness and builds resilience by lowering costs and improving performance. The distribution of these cuts across businesses and regions is not specified. Shares in BP rose 1% following the announcement, a contrast to the 16% decline in 2024 due to concerns over the company’s energy transition strategy.
Source: https://edition.cnn.com/2025/01/16/business/bp-job-cuts-intl/index.html