BP is to cut nearly 8,000 jobs in the face of falling profits and rising shareholder concern over its green energy policies as pressure from Net Zero policies continues to bite. The Telegraph has more.
The company will cut 4,700 roles across its 90,000-strong global workforce and end work with 3,000 contractors as it seeks savings of $2 billion (£1.6 billion) across the business. Its 15,000-strong U.K. workforce will be among those hit hard by the cuts.
Murray Auchincloss, BP’s Chief Executive, has vowed to cut costs by the end of 2026 as part of his drive to boost returns and soothe investor concerns over BP’s Net Zero strategy.
That strategy had been driven by his predecessor, Bernard Looney who abruptly resigned in September 2023 after failing to disclose relationships with employees.
One of Mr. Looney’s first announcements upon being named Chief Executive was an ambition to make BP Net Zero by 2050, a highly ambitious plan that involved ramping up investment into green energy. However, investors were lukewarm on the plan and BP’s share price has performed poorly compared to peers in recent years.
Mr. Auchincloss has since scaled back aspects of the plan to focus on financial performance.
Last year he said the company needed to go back to its roots – meaning producing more oil and gas to meet rising global demand. In 2023 BP pushed production up by more than 6% to the equivalent of 2.3 million barrels of oil a day and last year predicted its oil production would rise by 2-3% a year until 2030.
In a memo to staff announcing the job cuts, Mr. Auchincloss insisted that BP remained “uniquely positioned to grow value through the energy transition” but added: “That doesn’t give us an automatic right to win. We have to keep improving our competitiveness and moving at the pace of our customers and society.”
BP was unable to say how many U.K. jobs would be lost. About 6,000 of its 15,000 U.K. employees work in petrol and service stations and so are unlikely to be affected. The rest are spread between its London offices and its North Sea oil and gas production division.
Mr. Auchincloss said in his memo to staff: “I understand and recognise the uncertainty this brings for everyone whose job may be at risk, and also the effect it can have on colleagues and teams.
“We have a range of support available, and please continue to show care for each other, be considerate and keep putting safety first – especially during times of change.”
Worth reading in full.
The Telegraph‘s Annabel Denham remarks that BP’s job losses “have once again exposed the folly of believing we can retire entire industries with minimal economic impact”.
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The Covid years have been a lesson in the manipulation of fear as a tool for control of the masses, as Prof Pantsdown so clearly stated.
In essence, all the advances in science since the Enlightenment count for nought when the populace can be rendered impotent by the imposition of a narrative of terror, no matter how delusional the message is.
The adaptation of the principles of fascism by the controlling powers renders the task of total control as simple as shooting fish in a barrel.
Incidentally, Prof Thakur has been a leading light in resistance in Australia through his weekly articles in Spectator Australia, a conservative version of the patchy UK version.
‘Enlightenment’ ? The era that gave us abiogenesis, scientism, materialism, relativism, communism and the complete disavowal of history and heritage? Precious little which is ‘lighted’ by such doctrines. The Endarkenment is how it turned out. From the Endarkenment to Rona. A thick straight line.
Important not to throw the baby out with the bathwater.
The enlightenment led to our understanding or the natural world via the scientific method.
Most problems come from the bastardisation of this by those with ulterior motives.
My medical career has been based on a deep knowledge of anatomy, physiology and pathology- disciplines that owe everything to the Enlightenment.
I strongly agree! At the beginning of this piece Ramesh says
“The three major controversies over pandemic management for the past three years”
I would venture a forth! The creation of perfect conditions for the start of new world order!(strike while the irons hot)
And boy, have the likes of Adolf Schwab
Jumped on this one?!
Btw, Dr Pantsdown (Fauci) suffers from an acute version of S.A.A.S or “sudden adult amnesia syndrome” just like most criminals when being interviewed!
Nuremberg Code: the state cannot diaper a citizen. Period. Yet he we are with the fascists again demanding diapers on the sheeple.
I disagree with the artilce (yet another professor). It has been known for 20 years that the shit catchers don’t stop a nano-sized particle from entering or exiting.
There are over 1500 studies that prove the face anus wraps do nothing except; 1-inhibit oxygen and 2-force you to inhale bacteria and the dreaded toxin Co2….this is entirely ‘unhealthy’ and idiotic. Why would a wrinkly who needs oxygen reduce the same? Dumb.
They were swastika badges of fear, and yet we were told, stabs macht frei. If so, why the diapers?
Mass psychosis. As I told a Rona tard true believer, Rona was an IQ test and you and 80% of the sheep failed. Anyone still wearing a diaper should be assaulted and beaten.
They weren’t called the dark ages because it was dark! Obvious I know.
Described as “an intellectual darkness in Europe”
I fear these times may be on us again if the unelected elites (just like then) Get their way
Like the invention of eye glasses, universities, blast furnaces, long distance trade, accounting, massive cathedrals, long distance transport, banking, parliaments…yeah really dark.
I guess you mean the Muslim – Avar – Viking invasions and the massive Christian slave trade made times a little dark…..
I still see frightened people wearing masks on a daily basis, do not think for one second that somewhere there isn’t a document titled “ Covid mandates 2.0” The chumps in Westminster and around the World seem to get a kick out of subjugation of the masses.
Masking observation from today: A Chinese couple was approaching the Oracle Riverside door. Both stopped for a brief moment in front of it to pull medical masks out of their trouserpockets and affix them to their faces before entering. And that’s an absolutely typical performance. Another common one would be people wearing a (oftentimes rather used looking) cloth mask over their mouth and hastily pulling it over the nose whenever they sense danger, eg, someone coughed.
Even assuming masks were effective, the WHO burn before touching protocol for correctly handling them would remain completely impractical as it’s way too complicated for most people to even remember it, let alone act accordingly.
(Fauci’s) attempts to claim the noble lie as his primary motivation for the changing stance, saying he was trying to prioritise masks for healthcare workers and prevent a public run on them, only deepened perceptions of shiftiness.
And made everyone wonder what else he has been ‘nobly’ lying about.