BP to slash over 5% of workforce

BP will cut over 5% of its global workforce, it said on Thursday, as part of CEO Murray Auchincloss' efforts to reduce costs and rebuild investor confidence in the energy giant.

Around 4,700 employees and 3,000 contractor positions will be cut this year, BP BP.L told Reuters. The cuts were announced in an internal memo seen by Reuters earlier on Thursday.

BP shares were up 1% at 1200 GMT.

Auchincloss last year said he would cut the British company's costs by at least $2 billion by the end of 2026 to boost returns and address investor concerns over its energy transition strategy.

He was also seeking to restore confidence following the abrupt resignation of his predecessor Bernard Looney in September 2023 for failing to disclose relationships with employees.

The job cuts follow reviews of all of BP's divisions. BP has a workforce of around 90,000.

"We have got more we need to do through this year, next year and beyond, but we are making strong progress as we position BP to grow as a simpler, more focused, higher-value company," Auchincloss said in the memo.

The exact breakdown of the cuts was not disclosed. But in a separate memo sent by the