A sign for British oil and gasoline company BP (British Petroleum) pictured in Warsaw, Poland on July 29, 2024.
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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: “We have today informed staff across BP that the proposed changes announced to date are expected to impact approximately 4,700 bps of roles. These represent the majority of the expected reductions this year. “occupy,” he said.
“The number of contractors will also be reduced by 3,000,” the company said.
The move is aimed at cutting costs and comes after BP CEO Murray Auchincloss said last year that the company intended to save at least $2 billion in cash by the end of 2026. It was done.
BP currently employs approximately 87,800 people.
The company’s shares traded up 1.4% on Thursday morning.
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BP has underperformed its European rivals in recent days as energy market participants continue to question the company’s investment deals.
In a trading update released on Tuesday, BP said lower refinery margins and turnaround activities will take a $100 million to $300 million hit to fourth-quarter profit, while oil production is expected to decline further. Ta.
The energy company is scheduled to report quarterly and full-year profits on February 11th.
In the same update, BP announced that it had postponed its investor event next month to allow its chief executive to fully recover from a “planned medical procedure.” Mr Auchincloss was said to be “recovering well” from the surgery, but his condition was not disclosed until now.
The capital markets event, previously scheduled to be held in New York on February 11th, will now be held in London on February 26th.
— CNBC’s Ruxandra Iordache contributed to this report.
