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.
Last year, approximately $1.83 billion was spent on operations at the Azeri-Chirag-Gunashli (ACG) oil and gas field block, according to BP's annual report on its activities in Azerbaijan.
BP CEO Murray Auchincloss pledged on Tuesday to fundamentally reset the company's strategy as it reported a 35% fall in annual profits, missing analysts' expectations.
BP aims to join the Karabakh oil field project in Azerbaijan by 2025, with negotiations underway to finalize terms with SOCAR for this strategic offshore development.
BP Azerbaijan has announced plans to build a new compression platform at the Shah Deniz gas field to optimize production, company spokesperson Tamam Bayatly confirmed in a press briefing.
As US-Russia peace talks advance, Ukrainian President Volodymyr Zelenskyy intensifies diplomatic efforts, holding discussions with multiple world leaders to rally support for Ukraine’s sovereignty and regional security.
Hamas has begun releasing six more hostages from Gaza on Saturday in exchange for hundreds of Palestinian prisoners, as Israel confirmed that a body handed over earlier was that of hostage Shiri Bibas.
Start your day informed with AnewZ Morning Brief: here are the top news stories for February 22nd, covering the latest developments you need to know.
A tragic crowd crush at New Delhi Railway Station on Saturday night left 18 dead and 10 injured as thousands of people, many heading to the Kumbh Mela festival, attempted to board delayed trains. The incident highlights the ongoing risks of overcrowding at public transportation hubs in India.
A Delta Air Lines regional jet flipped upside down upon landing at Toronto Pearson Airport on Monday, injuring 18 people. Officials are investigating whether strong winds and snow played a role in the incident.
Berlin, February 21, 2025 – German citizens will head to the polls on Sunday, February 23, for a snap general election after the coalition government collapsed late last year.
As US-Russia peace talks advance, Ukrainian President Volodymyr Zelenskyy intensifies diplomatic efforts, holding discussions with multiple world leaders to rally support for Ukraine’s sovereignty and regional security.
Hamas has begun releasing six more hostages from Gaza on Saturday in exchange for hundreds of Palestinian prisoners, as Israel confirmed that a body handed over earlier was that of hostage Shiri Bibas.
Start your day informed with AnewZ Morning Brief: here are the top news stories for February 22nd, covering the latest developments you need to know.
Australia has accused China of failing to provide sufficient notice ahead of a live-fire naval drill between Australia and New Zealand, forcing airlines to alter flight paths. Defence Minister Richard Marles described the lack of communication as “disconcerting” for commercial aviation.
U.S. Secretary of State Marco Rubio and Kenyan President William Ruto have called for an immediate ceasefire in eastern Democratic Republic of Congo (DRC) amid escalating violence. Their appeal follows the capture of key cities by the Rwanda-backed M23 rebel group.
As US-Russia peace talks advance, Ukrainian President Volodymyr Zelenskyy intensifies diplomatic efforts, holding discussions with multiple world leaders to rally support for Ukraine’s sovereignty and regional security.
Hamas has begun releasing six more hostages from Gaza on Saturday in exchange for hundreds of Palestinian prisoners, as Israel confirmed that a body handed over earlier was that of hostage Shiri Bibas.
Start your day informed with AnewZ Morning Brief: here are the top news stories for February 22nd, covering the latest developments you need to know.
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