BP Slashes Workforce By 5% To Reach $2 Billion In Savings Goal
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 16 2025
0mins
Should l Buy BP?
Source: Benzinga
Workforce Reductions: BP Plc is cutting 4,700 jobs, which is 5% of its workforce, and eliminating over 3,000 contractor positions as part of a strategy to save $2 billion by 2026.
Production Adjustments: The company has suspended 30 projects since June 2024 to focus on more profitable initiatives, while also scaling back its oil and gas production reduction targets for 2030, leading to anticipated declines in fourth-quarter production.
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Analyst Views on BP
Wall Street analysts forecast BP stock price to rise
11 Analyst Rating
5 Buy
5 Hold
1 Sell
Moderate Buy
Current: 37.190
Low
6.38
Averages
84.26
High
503.69
Current: 37.190
Low
6.38
Averages
84.26
High
503.69
About BP
BP p.l.c. is a United Kingdom-based integrated energy company. The Company's segments include Gas & low carbon energy, Oil production & operations, Customers & products, and Other businesses & corporate. Its gas business includes regions with upstream activities that produce natural gas, integrated gas and power, and gas trading. Its low carbon business includes solar, offshore and onshore wind, hydrogen and carbon capture and storage and power trading. Oil production & operations segment comprises regions with upstream activities that predominantly produce crude oil, including bpx energy. Customers & products segment comprises its customer-focused businesses, which include convenience and retail fuels, electric vehicle charging, as well as Castrol, aviation and business to business and midstream. It also includes its products businesses, refining and oil trading, as well as its bioenergy businesses. Other businesses & corporate segment comprises technology and bp ventures.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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