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.
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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.
bp, SOCAR and TPAO today signed several agreements enabling TPAO to join the production sharing agreement (PSA) for the Shafag-Asiman offshore block in the Azerbaijan sector of the Caspian Sea.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
A resumption of Iraq’s Kurdish oil exports is not expected in the near term, sources familiar with the matter said on Friday, despite an announcement by Iraq’s federal government a day earlier stating that shipments would resume immediately.
Australia has warned Israel against taking full military control of Gaza, saying the move would worsen the humanitarian crisis and breach international law.
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At least four people have died after a Kenya Railways Corporation train and a staff bus belonging to the Kenya Pipeline Company (KPC) collided at a railway crossing near the Morendat Training and Conference Centre in Naivasha on Thursday.
Walt Disney and Lucasfilm have resolved the lawsuit brought by actress Gina Carano over her 2021 dismissal from 'The Mandalorian', a Lucasfilm spokesperson confirmed on Thursday. The settlement ends the legal dispute, and both sides have expressed a readiness to potentially work together again.
FBI Director Kash Patel has approved his request for the bureau to assist in locating Texas Democrats who fled the state to block a GOP-backed mid-decade redistricting plan, though no agents have yet been deployed, according to Senator John Cornyn on 7 August.
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