Overview

• BP will eliminate 4,700 employee positions and reduce contractor roles by 3,000, with 2,600 contractors already having departed.
• The job cuts are part of a multi-year effort to simplify operations and achieve $2 billion in cost savings by the end of 2026.
• CEO Murray Auchincloss, who succeeded Bernard Looney after his resignation in 2023, is focusing on streamlining operations and prioritizing high-value projects.
• BP has scaled back its renewable energy ambitions, while emphasizing traditional oil and gas production to address shareholder concerns and improve profitability.
• The company’s share price rose slightly following the announcement, though it continues to lag behind competitors like Shell and ExxonMobil.