Major Oil And Gas Company Cuts Jobs And Reduces Renewables For Fossil Fuels
One of the largest players in the global energy industry – a company with over $194 billion USD in revenue last year – is cutting nearly 5,000 permanent employees and 3,000 contractors, according to reports. BP, ranked 5th among the largest oil and gas companies by brand value, with a market cap of $77.14 billion USD as of December 2024, has announced cuts as part of a plan to eliminate $2 billion in costs by 2026. The elimination of the employee positions represents over 5% of the company’s global workforce. Sustainability.com reports that the layoffs and firings will be a part of $500 million USD savings this year.
