BP Slashes Jobs, Bolsters Oil & Gas Operations

The backlash against renewable energies continued this week as oil major BP (NASDAQ;BP) announced it is cutting 5 percent of its workforce or 4,700 jobs and 3,000 contractors. The UK-based oil company said the reductions are part of a cost-cutting plan that began last October, when it identified $500 million of cost savings to be delivered in 2025 — 25 percent of the $2 billion target set for the end of 2026. New CEO Murray Auchincloss was quoted by The Associated Press as saying that the company is “focusing resources on our highest-value…