Oil Major BP to Cut Thousands of Jobs in Cost-Saving Drive

British Oil Major Bp On thuresday said it is planning to cut thirds of jobs as part of a major cost-reduction exercise.

“Today, we have told staff across bp that proposed changes Statement.

“We are also reduced our contractor numbers by 3000,” The company said.

The measures, which was designed to lower costs, come after bp ceo muurray auchincloss said Last year that the company intends to deliver at least $ 2 billion of cash savings by the end of 2026.

BP’s Workforce Currently Stands at Around 87,800.

Shares of the company traded 1.4% Higher on Thursday morning.

BP has underperformed its European Rivals of Late as Energy Market Participants Continue to question The firm’s investment case.

In a trading update Published Tuesday, BP Said Weaker Refinery Margins and Turnard Activity will deliver a $ 100 million to $ 300 million blow to its fourth -Quarter Profit, While Further Declines ARECECTER ARECECTED Inspected In Ole Providence.

The energy firm is scheduled to report Quarterly and full-year earnings on Feb. 11.

BP said in the same update that it had postponed an event for investors next month so that its chiff executive can fully reciperate from a “planned medicine procedure.” Auchincloss was said to be “recovering well” from the procedure, which had not been previously disclosed.

The Capital Markets Event, which had previous been scheduled to take place in new york on Feb. 11, will now take place in London on Feb. 26.

– CNBC’s Ruxandra Iordache Contributed to this Report.