BP to Eliminate About 5% of Workforce to Cut Costs, CEO Says
- Company to cut 4,700 internal positions, 3,000 contractors
- Cost reduction effort follows years in which BP lagged peers
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BP Plc is eliminating 4,700 positions internally, about 5% of its workforce, and more than 3,000 contractor jobs, Chief Executive Officer Murray Auchincloss told staff on Thursday, as the London-based energy giant seeks to reduce costs.
More cost-cutting efforts are planned this year and beyond, Auchincloss said. The company has stopped or paused 30 projects since last June to focus on the ones that make the most money. A digitization drive, including pushing artificial intelligence across departments, is key to these plans, he said.