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bp to cut 5% of global workforce | People

Energy giant bp is cutting 5% of its global workforce to save costs. The reductions, amounting to around 4,700 jobs as well as 3,000 contractor roles, were announced in a staff memo. The company has around 90,000 workers globally and 16,000 in the UK. The drop in head count comes as the company wants to become ‘simpler, higher value’ entity, with more emphasis on digital. bp stopped 18 early-stage hydrogen projects as it posted its weakest quarterly profit in almost four years in October. The energy major’s underlying profit for July-September was $2.2bn, down from $3.3bn in the third quarter of 2023, while in the first nine months in 2024 it totalled $7.7bn, down from $10.8bn in the corresponding period last year. bp recently began flowing gas from wells at the GTA Phase1 liquefied natural… Read More »bp to cut 5% of global workforce | People