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Latest NewsJob creation and lossesFixed-term contracts

BP to slash 4,700 jobs globally in cost-cutting drive

by Kavitha Sivasubramaniam 16 Jan 2025
by Kavitha Sivasubramaniam 16 Jan 2025 Shutterstock / Jonathan Weiss
Shutterstock / Jonathan Weiss

BP is cutting 4,700 jobs – around 5% of its global workforce – in a bid to curb costs and boost investor confidence.

The London-headquartered energy business is also slashing 3,000 contractor positions this year as it strives to reduce its spending by £1.6bn.

CEO Murray Auchincloss broke the news in a memo to staff, which said: “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.”

The announcement comes just days after the business signalled the results of its fourth quarter in 2024 had been knocked by weaker gas and oil production.

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Confirming the proposed headcount changes, BP explained the reductions follow its decision last year to start a multi-year programme to simplify and focus the business.

A company 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.”

According to BP, which employs around 90,000 people worldwide, the redundancies follow a review of all its divisions. It has not yet disclosed the exact breakdown of the job losses.

The spokesperson added: “As our transformation continues our priority will – of course – be safe and reliable operations and continuing to support our teams.”

Auchincloss, who took on the top role at BP last year, is expected to set out his new strategy for the business at an investor day on 26 February. This will follow the publication of its full-year results on 11 February.

In recent years, competitor Shell has also condensed its headcount as part of its cost-cutting measures, including cutting its oil and gas exploration division by 20% and reductions in its low-carbon arm.

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Kavitha Sivasubramaniam

Kavitha Sivasubramaniam is an experienced journalist, editor and communications professional who has been working in B2B publishing for more than 17 years. After graduating from Bournemouth University with a degree in Multi Media Journalism, Kavitha started her career in local and regional newspapers, before moving to consumer magazines and later trade titles, as well as PR. Specialising in pay and reward, she has been editor of a number of HR publications including Pay & Benefits, Employee Benefits, Benefits Expert, Reward and CIPP’s membership magazine, Professional. In June 2024, she won Pay, Reward and Employee Benefits Journalist of the Year at the Willis Towers Watson media awards. She was also named one of Each Person’s top 20 influential HR bloggers and managed a highly commended content team of the year in 2019.

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