BP Announces Workforce Reduction to Cut Costs

In a significant move to streamline operations and reduce costs, BP plc has announced a reduction in its global workforce by approximately 4,700 employees, which accounts for about 5% of its total staff. Additionally, the company plans to decrease the number of contractors by around 3,000. This decision comes as BP forecasts a drop in fourth-quarter profits, estimating a decrease between $100 million and $300 million due to weaker refining margins.

BP's announcement reflects the company's ongoing efforts to adapt to the challenging market conditions and optimize its operations. Despite the layoffs, BP's shares saw a 1.63% increase at 12:28 pm CET, indicating a positive market response to the cost-cutting measures.