On July 29, 2024, the logo of British oil and gasoline company BP (British Petroleum) was photographed in Warsaw, Poland.
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British oil giant BP said on Thursday it plans to cut thousands of jobs as part of a major cost-cutting drive.
BP said in a statement: “Today, we told BP employees that the proposed changes announced to date are expected to impact approximately 4,700 BP jobs – which account for the majority of expected job losses this year.
“We will also reduce the number of contractors by 3,000,” the company said.
The measures aimed at cutting costs were introduced after BP Chief Executive Murray Auchincloss proposed them. explain Last year, the company planned to save at least $2 billion in cash by the end of 2026.
BP’s headcount currently stands at approximately 87,800 people.
The company’s shares were up 1.4% on Thursday morning.
strategic focus
As an energy market player, BP’s recent performance has lagged behind its European rivals Continue to question the company’s investment case.
In transaction update publish On Tuesday, BP said lower refinery margins and turnaround activity will hit its fourth-quarter profit by $100 million to $300 million, while oil output is expected to fall further.
The energy company is scheduled to report quarterly and full-year earnings on February 11.
BP said in the same update that it had postponed an event for investors next month to allow its chief executive to fully recover from a “planned medical procedure.” Auchincloss is said to be “recovering well” from the surgery, which has not been previously disclosed.
The capital markets event, originally scheduled for February 11 in New York, will now be held on February 26 in London.
—CNBC’s Ruxandra Iordache contributed to this report.
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