British oil and gasoline company BP (British Petroleum) signage is being pictured in Warsaw, Poland, on July 29, 2024.
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British oil major BP on Thursday said it is planning to cut thousands of jobs as part of a major cost-cutting drive.
“Today, we have today told staff across bp that the proposed changes that have been announced to date are expected to impact around 4700 bp roles – these account for much of the anticipated reduction this year,” BP said in a statement.
“We are also reducing our contractor numbers by 3000,” the company said.
The measures, which were designed to lower costs, come after BP CEO Murray Auchincloss said last year that the company intends to deliver at least $2 billion of cash savings by the end of 2026.
BP has underperformed its European rivals of late as energy market participants continue to question the firm’s investment case.
Shares of BP traded 1.6% higher on Thursday morning.
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