BP to Eliminate About 5% of Workforce to Cut Costs, CEO Says.

BP Plc is reducing its workforce by 5%, eliminating 4,700 internal positions and over 3,000 contractor jobs to cut costs. CEO Murray Auchincloss announced further cost-cutting measures, including a focus on profitable projects and a push for digitization with artificial intelligence. Investors are expecting a shift back towards oil and gas, but there are concerns about the speed of this transition. The company's recent struggles are attributed to strategic missteps, including a failed move towards low-carbon energy under the previous CEO. [Extracted from the article]