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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French health experts are warning that the highly pathogenic H5 strain of bird flu, already devastating wild and farm animals, could evolve into a vir...
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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.
Venezuela says it has deployed a range of weapons, including decades-old Russian-made equipment, and plans to mount guerrilla-style resistance in the event of an air or ground assault particularly from the U.S.
A passenger aircraft from Polish carrier LOT veered off a taxiway at Lithuania's Vilnius airport after arriving from Warsaw on Wednesday, halting all traffic, the airport operator said.
A major fire continues to rage at a warehouse in Southall, west London, sending thick plumes of black smoke into the sky hours after it first broke out.
The Hayli Gubbi volcano in Ethiopia’s Afar region erupted on Sunday morning (23 November), covering nearby villages in ash.
At least 36 people have died in a fire that ravaged a residential apartment complex on Wednesday according to John Lee the chief executive of Hong Kong.
French President Emmanuel Macron is scheduled to visit China from 3 to 5 December 2025, during which he will meet Chinese President Xi Jinping.
The European Parliament has approved a non-binding resolution calling for a minimum age of 16 for social media access across the EU, citing rising concerns about children’s mental health and online safety.
France will introduce a new voluntary military service starting next summer, for people aged 18 and 19, the country's President Emmanuel Macron said on Thursday.
Russia's Kremlin aid Yuri Ushakov has denounced the leak of recordings of phone calls between top advisers to U.S. President Donald Trump and his Russian counterpart Vladimir Putin as an “unacceptable” attempt to undermine Ukraine peace negotiations, calling it a form of hybrid warfare.
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