BP Plc, the British oil giant, is poised to reduce its workforce by approximately 4,700 positions, equating to over 5% of its total employees, as it embarks on a significant cost-cutting strategy, according to recent reports.
BP communicated to its employees, stating, "We have informed staff across BP that the proposed changes announced will affect approximately 4,700 roles within BP—this constitutes the majority of the expected reductions for this year. We're also planning to decrease our contractor workforce by 3,000."
Murray Auchincloss, BP's CEO, has previously indicated that the company aims to achieve at least $2 billion in cash savings by the end of 2026.
Currently, BP employs around 87,800 individuals.
In its recent trading update, BP indicated that its upstream production for the fourth quarter is anticipated to decline compared to the third quarter, with reduced output in both oil production and operations, as well as gas and low-carbon energy sectors.
The forthcoming earnings will also reflect non-cash, post-tax impairment charges estimated between $1 billion and $2 billion, affecting various segments.
BP is slated to release its annual earnings report on February 11.
In London, BP shares were observed trading at 427.00 pence, marking an increase of 0.95%.
The material has been provided by InstaForex Company -
www.instaforex.com
