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Consequently, the organization is reducing approximately 5% of its staff. Auchincloss states that BP plans to cut costs even more, mainly by embracing digitalization, which involves implementing artificial intelligence across all sectors. Since last June, the firm has halted or paused 30 initiatives to concentrate on those that yield the greatest profit.
"We have additional tasks to accomplish this year, next year, and in the future, yet we are making considerable strides in aligning BP to become a simpler, more focused, and more valuable company," Auchincloss stated in an email to BP employees.
During Auchincloss' time as CEO, BP has lagged significantly behind other oil firms and is currently valued at less than half of Shell, according to Bloomberg.
source: bloomberg.com
"We have additional tasks to accomplish this year, next year, and in the future, yet we are making considerable strides in aligning BP to become a simpler, more focused, and more valuable company," Auchincloss stated in an email to BP employees.
During Auchincloss' time as CEO, BP has lagged significantly behind other oil firms and is currently valued at less than half of Shell, according to Bloomberg.
source: bloomberg.com
