By BBC (Business) | Created at 2025-01-16 12:18:22 | Updated at 2025-01-16 17:01:07
4 hours ago
Oil giant BP is to cut about 4,700 staff, more than 5% of its total workforce, as part of its plans to cut costs.
The British firm, which has a global workforce of about 90,000 people, confirmed the job losses on Thursday, but has not said how many roles will be affected in each country it operates in.
An email to staff also confirmed that about 3,000 contractor positions will also be axed this year.
BP employs about 14,000 people in the UK, of which about 6,000 are based in petrol and service stations, and will not be affected by the cuts.
Chief executive Murray Auchincloss, who announced last year his intentions to simplify the business, is understood to have set a cost reduction target of $2bn (£1.6bn) by the end of 2026, of which $500m is to be saved this year.
In an email to staff he said: "We have got more we need to do through this year, next year and beyond, but we are making strong progress as we position BP to grow as a simpler, more focused, higher-value company."
The boss added that he recognised "the uncertainty this brings for everyone whose job may be at risk, and also the effect it can have on colleagues and teams".
The job cuts come as the energy giant tries to bring more digital capabilities into the business, with artificial intelligence playing a growing role in engineering and marketing operations.
Mr Auchincloss's email said that about 2,600 of the contractors affected by the cuts had already left the business.
