'Long-term strategy' | 'More effective ways to cut costs' says Chief Appreciation Officer as BP announces 4,700 job cuts

BP will cut over 5% of its global workforce amid ongoing efforts to reduce costs.

Around 4,700 employees and 3,000 contractor positions will be cut this year, the energy giant said.

CEO Murray Auchincloss last year said he would cut the company's costs by at least $2 billion by the end of 2026 in a bid to address investor concerns over its energy transition strategy.

In an internal memo sent to employees, of which there are around 90,000, Auchincloss said: "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.”