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BP is cutting 4,700 jobs, or just over 5 percent of its workforce, as part of an effort to save $2 billion in costs and revive its share price.
The energy company also plans to cut the number of contractors it uses by 3,000 this year, adding that 2,600 have already left, according to a memo sent to staff by chief executive Murray Auchincloss.
In an email on Thursday, Auchincloss said the group was making “strong progress” to become a “simpler, more focused, higher value company”, but warned that the cuts represented only this year’s target.
Last year, Auchincloss announced a plan to cut $2 billion BPcosts until 2026.
BP shares rose almost 2 percent in morning trading, but have fallen 5 percent since Auchincloss became permanent boss 12 months ago. The share price has lagged behind rivals including Shell, ExxonMobil and Chevron.
This is a developing story
