BP has announced plans to cut 5% of its workforce, equating to around 4,700 employee positions and 3,000 contractor roles, in a move to reduce costs. The British energy company outlined these reductions as part of its ongoing efforts to enhance efficiency and improve financial performance.
In a statement, a BP spokesperson said: “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.” The company further noted that the proposed changes are expected to impact around 4,700 employee roles, with the majority of the reductions expected this year. Additionally, BP will reduce its contractor workforce by 3,000.
CEO Murray Auchincloss had previously stated that BP aims to cut costs by at least $2 billion by the end of 2026, in response to investor concerns over the company's energy transition strategy. BP did not provide a breakdown of the job cuts by region or business unit.
Despite the restructuring, the company emphasized that the priority during the transformation will be to maintain safe and reliable operations while continuing to support its teams.
