Ryan FowlerOil giant BP has announced it will cut 4,700 jobs—more than 5% of its global workforce—as part of a cost-saving initiative aimed at reducing expenditure by $2bn (£1.6bn) by the end of 2026, BBC reports. The company, which employs around 90,000 people globally, will also eliminate 3,000 contractor roles this year.
In an email to staff on Thursday, BP’s chief executive, Murray Auchincloss, noted that the cuts would primarily target office-based roles rather than operational positions. While the company has not specified how many jobs will be affected in each country, BP’s UK workforce of 16,000, including 6,000 petrol and service station employees, will largely remain unaffected.
Auchincloss emphasised BP’s commitment to simplifying its business and focusing resources on high-value opportunities. “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,” he said.
The announcement comes after a comprehensive review of BP’s operations, during which the company paused or halted 30 projects since June 2024. Despite its restructuring efforts, BP has faced criticism for scaling back its plans to reduce oil and gas production. In 2023, the company adjusted its emissions reduction target to 20-30% by 2030, down from its previous goal of 35-40%.
Auchincloss acknowledged the challenges posed by the cuts, adding: “We have to keep improving our competitiveness and moving at the pace of our customers and society.”
BP’s announcement follows a period of leadership change, with Auchincloss succeeding Bernard Looney after his resignation amid a review of personal relationships with colleagues. Despite these changes, BP’s share price remains down about 20% since last spring, reflecting continued challenges in navigating the evolving energy landscape.
