British oil and gasoline firm BP (British Petroleum) signage is being pictured in Warsaw, Poland, on July 29, 2024.
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British oil main BP on Thursday stated it’s planning to chop hundreds of jobs as a part of a serious cost-cutting drive.
“At the moment, we’ve got right this moment informed workers throughout bp that the proposed modifications which were introduced so far are anticipated to impression round 4700 bp roles – these account for a lot of the anticipated discount this yr,” BP stated in a press release.
“We’re additionally lowering our contractor numbers by 3000,” the corporate stated.
The measures, which had been designed to decrease prices, come after BP CEO Murray Auchincloss stated final yr that the corporate intends to ship no less than $2 billion of money financial savings by the top of 2026.
BP has underperformed its European rivals of late as vitality market members proceed to query the agency’s funding case.
Shares of BP traded 1.6% larger on Thursday morning.
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