BP Announces Significant Job Cuts to Streamline Operations

BP, the multinational oil corporation, has confirmed it will cut approximately 4,700 positions, representing over 5% of its total workforce of around 90,000, as part of its ongoing efforts to trim costs. This announcement was made on Thursday, with the company also declaring that an additional 3,000 contractor roles will be terminated this year. However, BP has not specified the distribution of job losses by country.

Within the UK, where BP employs about 14,000 people, approximately 6,000 of those are positioned at petrol and service stations and will remain unaffected by the impending layoffs. Murray Auchincloss, the chief executive of BP, aims to simplify the business model and has set a goal to cut costs by $2 billion (£1.6 billion) by the end of 2026, with $500 million expected to be saved in the current year alone.

In a communication to employees, Auchincloss acknowledged the apprehension these changes may cause for those whose jobs are at risk and recognized the emotional toll on affected colleagues and teams. The job reductions coincide with BP's strategic push to incorporate more advanced digital tools, including artificial intelligence, into its engineering and marketing frameworks. Auchincloss’ email indicated that around 2,600 contract workers had already exited the company, further reflecting the ongoing restructuring efforts.