By Adam Whittaker
BP will cut 4,700 internal and 3,000 contractor roles across its business as part of cost-cutting measures.
Employees at the British oil-and-gas giant were told of the job cuts Thursday via an email from Chief Executive Murray Auchincloss.
The cuts form part of the multi-year program Auchincloss launched last year to simplify BP's business structure. The company employees 90,000 people worldwide and the internal job cuts represent around 5% of its workforce.
In April Auchincloss set a cash-cost reduction target of at least $2 billion by end-2026, and in October the company said it had identified savings of $500 million that would be realized in 2025.
The internal job cuts are subject to consultation and local regulations, the email said. Meanwhile, out of the 3,000 contractors affected by the cuts, 2,600 have already left BP, the email said.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
01-16-25 0726ET