BP is set to lay off 4,700 employees globally as part of a cost-saving strategy, impacting many across its operations.
They didn’t say how many jobs will go in each country. But in the UK, they have about 14,000 workers. Good news is, many of those at petrol stations won’t be affected.
The company’s headquarters in Aberdeen and North Sea staff might see some changes, but it’s still unclear how many will be impacted.
Murray Auchincloss, the CEO, shared the news in an email to staff. He acknowledged the uncertainty this brings and emphasized the support available for those affected.
He mentioned that these cuts are part of a long-term plan to save money. There could be more job losses this year too. They’re focusing on their best opportunities and have paused 30 projects since June 2024.
BP is also looking to boost its digital capabilities. They’re using more AI in their operations, which is changing how they work.
Interestingly, about 2,600 contractors have already left the company.
In April last year, Auchincloss announced a plan to save $2 billion by 2026. This is partly to help their struggling share price, which has dropped about 20% since last spring.
They’ve also stepped back from some renewable energy projects and scrapped plans to cut oil and gas output by 40% by 2030.
Despite all this, Auchincloss believes BP is still in a good position to grow during the energy transition. But he stressed they need to keep improving and adapt to what customers want.
Just days ago, BP postponed an investor event in New York so the CEO could recover from a medical procedure. The event is now set for February 26 in London.
