BP cuts over 5% of workforce - The move aims to reduce costs and restore investor confidence
British Petroleum will cut more than 5% of its global workforce as part of CEO Murray Auchincloss' efforts to cut costs and rebuild investor confidence in the energy giant. About 4,700 employees and 3,000 contract positions will be cut this year.
Auchincloss last year said he would cut the British company's costs by at least $2 billion by the end of 2026, to boost profits and address investor concerns over its energy transition strategy.
BP has a workforce of around 90,000 people. The exact breakdown of the cuts was not disclosed. But sources said around 1,100 positions would be cut or relocated from the UK and US to Hungary, India and Malaysia.
The group's shares have underperformed those of most rivals over the past year, falling more than 5%, roughly on par with French rival TotalEnergies, while Shell and Exxon Mobil's have reported gains of 5.5% and 14% respectively.
Auchincloss, who took office a year ago, will present his new strategy on February 26. He has already taken major steps to reverse his predecessor's plan to move away from oil and gas.
British Petroleum and Japanese power generator JERA agreed last month to join forces to form one of the world's largest offshore wind operators.
Shell has also reduced its workforce in recent years as part of a cost-cutting drive. The measures included a 20% reduction in its oil and gas exploration division, as well as cuts in its low-carbon sector.
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