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.
Three Dutch parties have agreed to form a minority coalition that will install D66 leader Rob Jetten as the country’s youngest prime minister....
Storm Chandra brought severe flooding and widespread disruption to parts of Ireland and Northern Ireland on Tuesday, as strong winds and heavy rain sw...
Saudi Crown Prince Mohammed bin Salman has assured Iranian President Masoud Pezeshkian that Riyadh will not permit its airspace or territory to be use...
The S&P 500 edged to a record closing high on Tuesday, marking its fifth consecutive day of gains, as strong advances in technology stocks offset a sh...
Nigeria’s army says troops have rescued 11 kidnap victims during a late-night operation on the Kaduna–Abuja highway after tracking militants movin...
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.
Iran’s Foreign Ministry has strongly rejected a U.S. magazine report on the death toll during January unrest. Nationwide protests erupted in response to soaring inflation and a national currency crisis.
The death toll from nationwide protests in Iran has climbed to 6,126, according to the U.S.-based Human Rights Activists News Agency (HRANA).
Serbian President Aleksandar Vučić, often viewed as a bellwether for the complex diplomatic currents between the Kremlin and the West, has issued a startling prediction regarding the endgame of the war in Ukraine.
The strategic axis between Israel and Azerbaijan has been significantly reinforced this week as President Ilham Aliyev received Israeli Foreign Minister Gideon Sa'ar in Baku.
NATO Secretary General Mark Rutte said on Monday that Europe is "incapable" of defending itself alone without the United States, dismissing calls for a separate European defence force and stressing that transatlantic cooperation remains essential for the continent’s security.
Three Dutch parties have agreed to form a minority coalition that will install D66 leader Rob Jetten as the country’s youngest prime minister.
Storm Chandra brought severe flooding and widespread disruption to parts of Ireland and Northern Ireland on Tuesday, as strong winds and heavy rain swept across the island.
Nigeria’s army says troops have rescued 11 kidnap victims during a late-night operation on the Kaduna–Abuja highway after tracking militants moving captives through forested terrain.
The European Parliament has delayed until next week a decision on whether to resume work on the EU–U.S. trade deal.
U.S. President Donald Trump has warned that Washington would withdraw its support for Iraq if former prime minister Nouri al-Maliki is returned to power, citing concerns over governance, stability and regional influence.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment