BP plc (BP) , the British oil and gas giant, has announced job cuts to reduce its global workforce as part of its cost-cutting initiatives to restore investors’ confidence in the energy stock. The company will reduce its global staff by 5%, including almost 4,700 employees and 3,000 contractor positions. Per Reuters, the job cuts were announced in an internal memo.BP’s CEO Auchincloss has mentioned that the company aims to reduce costs by at least $2 billion by the end of 2026. Auchincloss also mentioned th ...

Group 1: Workforce Reduction - BP will cut over 5% of its global workforce, amounting to approximately 4,700 employees and 3,000 contractor positions, from a total workforce of around 90,000 [1][4] - This decision is part of CEO Murray Auchincloss' strategy to reduce costs and rebuild investor confidence following a scandal [1][2] Group 2: Cost-Cutting Measures - Auchincloss aims to cut costs by at least $2 billion by the end of 2026 to enhance returns and address investor concerns regarding BP's energy transition strategy [2] - The company has paused or halted 30 projects since June to focus on those with the highest profitability [7] Group 3: Leadership Changes and Scandal - Former CEO Bernard Looney resigned in September 2023 due to failure to disclose past personal relationships, which violated the company's code of conduct [3][5] - Looney's departure has created uncertainty in BP's leadership and future direction, leading to a shift back toward traditional oil and gas investments under Auchincloss [6] Group 4: Market Position and Performance - BP's market capitalization is currently at $84.58 billion, valued at less than half of Shell, and has fallen behind other oil majors [7] - The company's stock has decreased nearly 20% over the last five years, trading at $31.30 as of the market close on Wednesday [9][10]

BP engineer working on drilling rig, Caspian sea, Azerbaijan. (Photo: Giles Barnard/Construction ... [+] Photography/Avalon)Getty ImagesEnergy giant BP (LON: BP) unveiled nearly 8,000 job cuts on Thursday as part of corporate cost cutting measures across its global operations.Confirming the job losses, the FTSE 100 company said it would reduce its workforce by 4,700 staff. Given BP's global headcount is around 90,000 personnel, the cuts represent over 5% of its total workforce.The company also said 3,000 co ...

Market Overview - The S&P 500 has declined by -2.78% and the Nasdaq has fallen by -3.64% in the first week of 2025, indicating significant market volatility prior to the new administration taking over [1]. Investment Strategy - The focus is on growth and dividend income, with a strategy aimed at creating a portfolio that emphasizes compounding dividend income and growth [1]. - The portfolio is structured to provide monthly dividend income that grows through dividend reinvestment and yearly increases [1].

The U.S. Supreme Court has declined to hear an appeal from major oil companies seeking to block climate change lawsuits, clearing the way for Honolulu’s claims against industry giants to proceed. This decision, hailed as a landmark moment for climate accountability, allows lawsuits alleging deceptive practices by oil firms about fossil fuel impacts on global warming to remain in state courts, a venue perceived as less favorable to corporate interests. The lawsuit, originally filed in 2020, targets several i ...

BP's Strategic and Financial Challenges - BP faces increasing scrutiny due to leadership changes and strategic shifts, with new CEO Murray Auchincloss pivoting from renewable energy investments to high-return oil and gas projects [1] - The company reported a weak third-quarter profit of $2.27 billion, its lowest since late 2020, driven by weaker global gasoline and diesel demand [2] - BP's financial forecast indicates further strain, with a $300 million drop in profits due to declining refining margins and maintenance activities, and a $200-$400 million reduction in its oil production and operations unit [5] - The company anticipates a sequential decline in net debt by year-end and reduced exploration write-offs of $100-$200 million, but investor confidence remains uncertain [6] - BP has cautioned investors about weak fourth-quarter results due to declining oil and gas production, reduced refining margins, and trading setbacks [8] Industry Landscape and Peer Performance - BP's challenges mirror warnings from industry peers, with Exxon Mobil Corporation projecting a $1.75 billion decline in fourth-quarter earnings, highlighting the tough landscape for the energy sector [2] - The energy sector is affected by shifting demand and changing global market dynamics, with oversupply from new refineries in Asia and Africa compounding BP's production challenges [5] Alternative Investment Opportunities in the Energy Sector - Sunoco LP (SUN) and TechnipFMC plc (FTI) are highlighted as better-ranked stocks in the energy sector, with Sunoco sporting a Zacks Rank 1 (Strong Buy) and TechnipFMC carrying a Zacks Rank 2 (Buy) [3] - TechnipFMC focuses on the subsea segment in offshore basins worldwide, with a growing backlog ensuring strong revenue visibility and margin improvements [4] - Sunoco is a leading wholesale motor fuel distributor in the US, with a vast distribution network and long-term contracts servicing over 10,000 convenience stores, ensuring a stable revenue stream [7]

Core Viewpoints - BP stock is declining in premarket trading due to expected impairments of $1.0 billion to $2.0 billion in Q4 [1][3] - The company anticipates weaker refining margins in Q4 [2][3] - BP's upstream production is expected to be lower than Q3's 2.4 million oil-equivalent barrels per day [1] Financial Impact - BP expects to book non-cash, post-tax charges of $1.0 billion to $2.0 billion in Q4 across its units [1] - The company's U.S.-listed shares are down about 1.3% in premarket trading but are up 7% year-to-date through Monday's close [2][3] Operational Updates - BP's upstream production is projected to decrease compared to Q3's output of 2.4 million oil-equivalent barrels per day [1] - The company forecasts weaker refining margins for Q4 [2][3] Leadership Update - CEO Murray Auchincloss is recovering from a planned medical procedure and is expected to return to the office in February [2]

BP (BP) ended the recent trading session at $31.29, demonstrating a +0.55% swing from the preceding day's closing price. The stock outpaced the S&P 500's daily loss of 1.54%. On the other hand, the Dow registered a loss of 1.63%, and the technology-centric Nasdaq decreased by 1.63%.Prior to today's trading, shares of the oil and gas company had gained 3.22% over the past month. This has outpaced the Oils-Energy sector's loss of 11.05% and the S&P 500's loss of 2.2% in that time.Analysts and investors alike ...

BP plc (BP) , the British energy giant, has teamed up with the Oil and Natural Gas Corporation (“ONGC”) in India to boost output from the Mumbai High oil and gas field, the country's largest oil-producing field. BP will act as a technical service provider for the field. The British energy firm has offered to increase the production from this field by nearly 60%.Details of the Mumbai High Oil FieldThe oil and gas field reached peak production levels of 476,000 barrels of oil per day in 1989. However, the pro ...

In the latest trading session, BP (BP) closed at $31.02, marking a +1.81% move from the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.55%. Meanwhile, the Dow experienced a drop of 0.06%, and the technology-dominated Nasdaq saw an increase of 1.24%.The upcoming earnings release of BP will be of great interest to investors. It is anticipated that the company will report an EPS of $0.65, marking a 39.25% fall compared to the same quarter of the previous year. Meanwhile, the Z ...