BP plans to cut 6,200 jobs globally to cut costs and boost efficiency amid falling profits.

BP plans to cut 6,200 jobs globally by year-end, an increase from the 4,700 previously announced, as part of efforts to cut costs by $5 billion by 2027. The company is also offloading $20 billion in assets and using AI to boost efficiency. BP's half-year profits fell by nearly a third, though Q2 profits exceeded expectations. CEO Murray Auchincloss aims to improve returns for shareholders under the company's three-year plan.