BP is cutting around 7,700 jobs 5% of its workforce to reduce costs and improve its financial performance for investors.
BP plans to eliminate some 4,700 jobs and 3,000 contractor roles this year in an effort to further reduce costs, the supermajor told Reuters on Thursday. The job cuts would be equal to around 5% of the global workforce of around 90,000 employees at BP. The UK-based oil and gas giant has been seeking to reduce billions of U.S. dollars worth of costs to boost its attractiveness for investors. Shares in BP have been underperforming its peers in the sector, especially the U.S.
Last year, BP cut jobs across its renewables divisions, but the cost-cutting drive this year seems to have spread to the global workforce as the supermajor looks to boost its finances. Earlier this week, BP said that weak oil trading and declining refining margins are expected to reduce its fourth-quarter earnings compared to the third quarter. BP forecasts that weaker realized refining margins will dent the Q4 earnings by up to $300 million.
Job Cuts Cost Reduction Investor Relations Weak Earnings Refining Margins Oil Trading Restructuring Financial Performance Strategy Shift
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