BP, the multinational oil and gas giant, is cutting thousands of jobs as part of a broader initiative to streamline operations and enhance focus. The company aims to bolster its competitiveness, cultivate resilience, and achieve cost reductions while driving performance improvements.
BP, the multinational oil and gas company, announced significant job cuts on Thursday, impacting approximately 4,700 positions within its workforce and 3,000 contractor roles. This restructuring, representing about 5% of BP's total employee base, is part of a broader initiative launched last year to streamline operations and enhance focus. The company aims to bolster its competitiveness, cultivate resilience, and achieve cost reductions while driving performance improvements.
Notably, BP emphasizes that its transformation will prioritize safe and reliable operations and continued support for its employees during this period of change. Bloomberg first reported the job cuts, and CEO Murray Auchincloss addressed staff in an email, acknowledging the uncertainty and potential impact on colleagues and teams. BP shares experienced a temporary surge of up to 1.7% in London before retracing some gains. This announcement arrives during a challenging period for BP. Its stock price has declined by 5% over the past year, while competitors Shell and ExxonMobil have witnessed increases exceeding 10%. Auchincloss is anticipated to attempt to reassure stakeholders at an investor day scheduled for February 26th in London. The event was originally planned for February 11th in New York but was postponed due to the CEO's recovery from a medical procedure.BP's recent difficulties have been attributed to the previous CEO, Bernard Looney's, strategic shift towards reducing oil and gas production and expanding into green-energy ventures. Looney resigned in 2023 following revelations about undisclosed relationships with coworkers. The company also faces the challenge of managing its debt levels while investing in the transition to low-carbon energy sources
BP Job Cuts Restructuring Oil And Gas Green Energy
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