BP Reportedly To Cuts 4,700 Jobs Or Over 5% Of Workforce

(RTTNews) - British oil major BP Plc (BP.L, BP_UN.TO, BP) is planning to cut around 4,700 jobs, representing over 5% of its workforce, as part of a major cost-reduction initiative, reports said.

BP said, "..we have today told staff across bp that the proposed changes that have been announced to date are expected to impact around 4700 bp roles - these account for much of the anticipated reduction this year. We are also reducing our contractor numbers by 3000."

BP CEO Murray Auchincloss earlier had stated that the company intends to deliver at least $2 billion of cash savings by the end of 2026.

At present, BP has a workforce of around 87,800 employees.

In its trading update earlier this week, BP said it expects its fourth-quarter upstream production to be lower than the third quarter, with lower output in oil production and operations, and in gas and low carbon energy.

The earnings will also include non-cash, post-tax charges related to impairments of $1 billion to $2 billion attributable across the segments.

BP is scheduled to release its annual earnings report on February 11.

In London, BP shares were trading at 427.00 pence, up 0.95%.