BP is set to cut 4,700 jobs, approximately 5% of its global workforce, as part of an initiative to reduce costs and bolster investor confidence. Alongside these layoffs, the company will also eliminate 3,000 contractor roles this year, aiming to save £1.6 billion.
“We have got more we need to do through this year, next year and beyond, but we are making strong progress as we position BP to grow as a simpler, more focused, higher-value company,” said CEO Murray Auchincloss, BP.
BP announced the workforce reductions after facing a challenging fourth quarter in 2024, marked by reduced oil and gas output. The company launched a broader multi-year strategy last year to facilitate operations and sharpen its focus, driving the current plan to cut jobs.
A BP spokesperson explained the move as a necessary step to improve competitiveness and resilience. “We are strengthening our competitiveness and building in resilience as we lower our costs, drive performance improvement and play to our distinctive capabilities. To deliver this, a series of programmes are in place in businesses throughout BP.”
As BP continues its restructuring, the company emphasised its commitment to maintaining safe and reliable operations and supporting its staff through the transition. This move mirrors similar cost-cutting measures by competitors like Shell, which has reduced its workforce in both its oil and gas exploration and low-carbon divisions in recent years.