Loading...
Market
Will BP achieve $500 million in cost savings by end of 2025?
2
Resolution / Starting Odds
Yes • 50%
No • 50%
BP's official financial reports or press releases
Story
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.
View original story
Similar markets
5-10% reduction • 25%
No reduction or increase • 25%
0-5% reduction • 25%
More than 10% reduction • 25%
No • 50%
Yes • 50%
Divestment of assets • 25%
Reduction in exploration activities • 25%
Other • 25%
Increase in renewable energy investments • 25%
Best performer • 25%
Third best performer • 25%
Worst performer • 25%
Second best performer • 25%