BP said Tuesday it’s preparing to slash 4,000 upstream jobs as part of a broader restructuring plan.
According to Reuters, the company plans to cut its global upstream headcount by about 4,000 positions, equivalent to about 5 percent of its global workforce.
The cuts, part of a $3.5 billion restructuring program, will slim BP’s global upstream headcount down to 20,000.
A BP spokesperson told Retuers that the company will cut about 600 positions in the North Sea during the next two years, with most of those reductions occurring in 2016.
Further details about the cuts have not been disclosed yet.
The company had a headcount of about 80,000 at the end of 2015, Reuters added.
BP managed to beat analysts expectations in the third quarter despite low oil prices.
BP posted a $46 million profit for the third quarter, an improvement over the $5.82 billion loss seen last quarter, on revenues of $55.87 billion, down from $94.76 billion a year ago.
Third quarter earnings hit $0.60 per share, well above analyst targets of $0.33 per share, according to Zacks.
BP said in its third quarter results that its current divestment program was nearly complete, with total agreed divestments expected to reach $10 billion by the end of 2015.
The company expects to agree a further $3 to 5 billion in divestments this year before returning to a rate of around $2 to 3 billion in 2017.
BP agreed to sell its Alabama petrochemical complex to Indorama Ventures Public Company Limited on Wednesday for an undisclosed sum.
The Decatur complex makes chemicals that are essential for the production of thousands of items, from plastic water bottles to flat-screen televisions.