BP Announces 4,700 Job Cuts in Global Workforce Streamlining

The oil giant plans to cut over 5% of its workforce and 3,000 contractor roles as part of a $2 billion cost-saving initiative by 2026.

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.