12:31 PM EST, 02/11/2025 (MT Newswires) -- BP (BP) is planning to cut the performance-based bonuses for its senior leaders to 45% of the target, Reuters reported Tuesday, citing a company statement confirming the news.

The news outlet had reported the bonus cuts earlier, citing sources close to company, after it reported lower Q4 adjusted profit and revenue.

The oil giant said in its earnings release that it expects upstream production and underlying upstream production for 2025 to decline slightly from 2024 levels.

BP didn't immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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