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Will BP achieve $2 billion cost savings by end of 2026?
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BP's official financial reports or press releases
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BP to Cut 4,700 Jobs and 3,000 Contractor Roles Globally, Aiming for $2 Billion in Savings
Jan 16, 2025, 01:30 PM
BP, the British oil and gas company, has announced plans to cut 4,700 jobs from its global workforce, representing over 5% of its total employees, as part of a cost-saving initiative. Additionally, the company will reduce 3,000 contractor positions. This move follows a multi-year program aimed at simplifying and focusing the company's operations, as stated by CEO Murray Auchincloss. The job cuts are part of a broader strategy to achieve cost reductions of $2 billion by the end of 2026, with $500 million targeted for this year. Auchincloss communicated to staff that these changes are necessary to enhance competitiveness and resilience while lowering costs and driving performance improvements across BP's operations.
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