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.
BP employment
BP staff must disclose colleague relationships
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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