BP Moves to Cut Costs, Reduces Workforce by 5%... Approximately 4,700 Employees Affected

British energy company BP announced on the 16th (local time) via BBC that it will cut 4,700 jobs, equivalent to about 5% of its total workforce, to reduce costs and more.

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According to the report, BP CEO Murray Auchincloss confirmed this restructuring plan in an email sent to employees. The layoffs are expected to apply to office workers rather than operational staff. However, the extent of the impact by country has not been confirmed.

The email also included plans to reduce 3,000 contract workers this year, of whom 2,600 have reportedly already left the company. BP's global workforce is approximately 90,000 employees.

In the email, CEO Auchincloss explained, "There is more work to be done this year, next year, and beyond," adding, "We are positioning BP to grow into a simpler, more focused, and higher-value company." He also noted that "uncertainty may arise for everyone facing job insecurity."

Earlier, BP set a target to reduce costs by $2 billion by the end of 2026. This year, it plans to cut $500 million of that amount. CEO Auchincloss mentioned that since June last year, 30 projects have been deferred or halted, emphasizing that resources are being concentrated on higher-value opportunities. He stated, "We are uniquely positioned to increase value through the energy transition, but the status of being a winner is not automatically granted," adding, "We must continuously enhance competitiveness and move at the pace of our customers and society."

Meanwhile, BP is scheduled to announce its Q4 results for last year on the 11th of next month.

This content was produced with the assistance of AI translation services.