Reported 1 day ago
BP is set to eliminate 4,700 jobs and an additional 3,000 contractor roles globally as part of a cost-saving initiative. CEO Murray Auchincloss stated that these job reductions account for much of the anticipated savings this year, which aim for a total of $500 million. The cuts represent over 5% of BP's workforce and are part of a strategy to prioritize high-value projects while integrating more digital technologies, including artificial intelligence. The company is also adjusting its focus away from several renewable energy projects in the face of a declining share price.
Source: YAHOO