BP announced on Thursday, January 16, that it will reduce its global workforce by over 5%
BP announced on Thursday, January 16, that it will reduce its global workforce by over 5% as part of CEO Murray Auchincloss' strategy to cut costs and rebuild investor confidence. The company plans to eliminate approximately 4,700 employee positions and 3,000 contractor roles this year, as revealed in an internal memo. BP's shares rose 1.8% by 1110 GMT following the announcement.Auchincloss had previously stated that BP aimed to cut costs by at least $2 billion by the end of 2026 to improve returns and address concerns over its energy transition strategy.
The cuts also come as Auchincloss works to restore confidence after the sudden resignation of his predecessor, Bernard Looney, in September 2023, due to undisclosed relationships with employees.
The job reductions follow a comprehensive review of BP’s divisions, though the exact breakdown of the cuts has not been disclosed. BP’s total workforce is approximately 90,000.
The World Urban Forum (WUF13) continues in Baku, Azerbaijan on 18 May, addressing the global housing crisis. The day’s agenda includes the of...
The thirteenth session of the World Urban Forum (WUF13) has opened in Baku, bringing together governments, international organisations, city leader...
A drone strike caused a fire at the Barakah nuclear power plant in the UAE, officials said on Sunday, with ...
Kazakhstan, Uzbekistan and Tajikistan are negotiating summer water allocations as rising temperatures, agricultural demand and pressure on shared r...
When 36 nations signed up to prosecute Russia over its invasion of Ukraine, Georgia - a country partly occupi...
BP has announced that a seismic survey programme for the Ashrafi–Dan Ulduzu–Aypara (ADUA) project in the Azerbaijani sector of the Caspian Sea will be carried out between February and April next year, according to Report.
Shell has denied reports that it is in talks to acquire BP in a historic £60 billion deal, despite ongoing market speculation about a potential merger between the two oil giants.
bp, in collaboration with its partners, has signed a series of agreements to strengthen and expand its significant oil and gas interests in Azerbaijan.
Bulgaria has won the Eurovision Song Contest for the first time, taking victory in a final overshadowed by a boycott over Israel’s participation and the war in Gaza.
At least eight people were injured after a driver rammed a car into pedestrians in the northern Italian city of Modena, authorities said on Saturday. Four of the victims were reported to be in serious condition.
The World Urban Forum (WUF13) continues in Baku, Azerbaijan on 18 May, addressing the global housing crisis. The day’s agenda includes the official opening press conference, the WUF13 Urban Expo opening and a ministerial dialogue on the Nairobi Declaration to advance Africa's urban agenda.
Jeffrey D. Sachs, an economist, public policy analyst, Columbia University professor, and UN advisor, said Azerbaijan and the wider South Caucasus could become one of the world’s key strategic connectors in an emerging multipolar order.
U.S. President Donald Trump says China's Xi Jinping agreed Iran must reopen the Strait of Hormuz, as Tehran prepares a new shipping mechanism. Tensions over the U.S. blockade and stalled nuclear talks continue to disrupt global oil supplies.
Israeli military strikes across Gaza killed at least eight Palestinians on Sunday, according to local health officials, as the Israel Defense Forces intensified operations targeting Hamas commanders and infrastructure across the enclave.
The World Urban Forum (WUF13) continues in Baku, Azerbaijan on 18 May, addressing the global housing crisis. The day’s agenda includes the official opening press conference, the WUF13 Urban Expo opening and a ministerial dialogue on the Nairobi Declaration to advance Africa's urban agenda.
A 5.2 magnitude earthquake struck China’s Guangxi region early on Monday, killing two people and forcing more than 7,000 residents in Liuzhou to evacuate as rescue efforts continued.
Russia carried out overnight drone strikes, air raids and shelling across Ukraine, hitting cities including Odesa and Dnipro, killing one person and injuring more than 30, according to Ukrainian officials on Monday (18 May).
Iran and Pakistan reviewed bilateral ties and the latest developments in the stalled Iran-U.S. peace negotiations mediated by Islamabad, as Tehran and Washington continue to refuse tangible concessions amid a fragile ceasefire and escalating verbal threats.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment