Based in London Energy Firm B.P It plans to reduce its global workforce by just under five percent, which will result in 4,700. Disadvantages of employment.
gave The oil The giant will also eliminate 3,000 contractor positions, Reuters reported, which saw an internal memo informing staff of the upcoming changes.
CEO Murray Achanklos then announced the news. Recently recovered from a medical procedure which imposed a delay in the investee event. Achanklos was previously CFO at BP and replaced Bernard Looney after he stepped down from the top role in 2023.
“We have a lot to do this year, next year and beyond, but we are making strong progress as we continue to develop BP into a simpler, more focused, higher value company. Taking into position,” Aachen was Klaus. Reported said in a memo to staff.
No official time frame has been given on when the job losses will take place, but Reuters reports that they could happen this year and that all divisions are expected to be reviewed. With the company having 90,000 employees globally, the cuts will reduce staff by five percent.
The CEO acknowledged the impact of further job losses, noting that they “will account for most of the projected reductions this year”.
“I understand and recognize the uncertainty this brings to anyone whose job may be at risk, and the impact it may have on colleagues and teams,” the memo read.
“We have many supports available, and please continue to look out for each other, take care, and put safety first — especially during times of transition.”
Last year it pledged to cut operating costs by $2bn (£1.64bn) by 2026, after profits fell short of expectations in the first half of 2024. By having a large volume of them.
Later in the year, BP announced a walkback on its stated goal of reaching net zero by 2050. Although it had already been extended to a 25 percent reduction in emissions by 2023 — the original proposal came three years earlier — a strategy reset in October put oil back in the spotlight and some green energy. Production investment was left behind. Climate campaigners reacted Saying that the company had “thrown any excuse for climate action out the window”.
The memo from Mr Auchenclos said the majority of contractors involved in the cuts had already left the business and pointed out that the company was “uniquely positioned to add value through energy transition”.
Shares in BP, the sixth largest listed company London Stock Exchange In terms of market capitalization, it was trading about 1.5 percent higher on Thursday morning, although down about five percent from 12 months ago.