business / employment
1 day ago

BP Announces 7,700 Job Cuts as Part of Cost Reduction Strategy

BP Announces 7,700 Job Cuts as Part of Cost Reduction Strategy
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7 Highlights
  • BP cutting 4,700 jobs and 3,000 contractor roles in cost-saving plan.
  • CEO Murray Auchincloss leads restructuring after Looney's 2023 exit.
  • BP aims to reduce costs by $2bn by 2026, focusing on core projects.
  • Job cuts signal BP's shift from green energy to traditional oil projects.
  • BP's shares rose 1.5%, but remain 5% lower than last year.
  • No fixed timeline for BP's job cuts; contractor reductions underway.
  • BP delays investor event to February, affecting strategic updates.
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