bp
Regional

BP to cut 4,700 jobs and 3,000 contractor roles from its global workforce

BP has announced it is cutting 4,700 jobs from its global workforce.

The energy giant also said it will cut 3,000 contractor roles as part of a cost-saving drive across the company.

It comes as last year, BP launched a plan to reduce its costs by at least $2bn (£1.6bn) by the end of 2026 – with the cuts a part of that.

The company did not disclose how many people were affected by the cuts per country.

But the reductions amount to just over 5% of its 90,000 people worldwide workforce.

BP has around 14,000 workers in the UK with around 6,000 of these based in petrol and service stations who will not be affected by the cuts.

Chief executive Murray Auchincloss announced the redundancies in an email to staff on Thursday.

He wrote: “I understand and recognise the uncertainty this brings for everyone whose job may be at risk, and also the effect it can have on colleagues and teams.

“We have a range of support available, and please continue to show care for each other, be considerate, and keep putting safety first – especially during times of change.”

The redundancies announced today were said to “account for much of the anticipated reduction this year” a company spokesperson told Sky News.

Just two days ago BP warned its fourth-quarter results for 2024 would be hit by weaker oil and gas production as it delayed an investor event due to be held in New York.

Mr Auchincloss said around 2,600 of the contractors involved in the job cuts had already left the business.

He added that the company was focused on the “highest-value opportunities” and it had stopped or paused 30 projects since June last year.

The London-based energy company is facing the challenge of the net-zero transition, and while Mr Auchincloss insisted the company was “uniquely positioned to grow value through the energy transition”, he added: “But that doesn’t give us an automatic right to win.

“We have to keep improving our competitiveness and moving at the pace of our customers and society.”

Tags: bp
Share:

Subscribe for the Latest News and Updates

Marketing Permissions

OGV Energy will use the information you provide on this form to be in touch with you and to provide updates and marketing through the following methods:

  • Email
  • Direct Mail
  • Customised Online Advertising

Read the latest issue of the OGV Energy magazine

More News

Latest Magazine Banner

Marine and Lifting - OGV Magazine - Issue 87

WellPro Group Banner

Cegal Banner

Leyton Banner

Advertise with OGV Energy Banner