London Daily

Focus on the big picture.
Wednesday, Apr 02, 2025

BP Announces Global Job Cuts in Cost-Cutting Initiative

BP Announces Global Job Cuts in Cost-Cutting Initiative

Energy giant BP to reduce its workforce by 4,700 jobs as part of a strategic cost-saving plan amid declining share prices.
BP, one of the world's largest energy companies, has disclosed plans to eliminate 4,700 jobs globally as it implements a strategic cost-cutting initiative designed to improve financial performance.

This reduction equates to just over 5% of BP's current global workforce of approximately 90,000 employees and involves the termination of 3,000 contractor roles as part of the company's financial restructuring efforts.

The exact distribution of job losses has not been specified by the London-based company; however, BP has around 14,000 employees in the United Kingdom.

Notably, approximately 6,000 of these workers are based in petrol and service stations, and they will be exempt from the redundancy measures.

Murray Auchincloss, BP's Chief Executive, communicated the decision in an internal email to employees, which was reviewed by the PA news agency.

In his message, Auchincloss acknowledged the potential uncertainty and distress these developments might bring to staff, urging them to prioritize safety and mutual support during the transition period.

"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," he expressed.

The announced workforce reductions are part of a broader multi-year strategy aimed at achieving significant cost savings across BP's global operations.

Although Auchincloss noted that these job cuts represent a substantial portion of the anticipated staff reductions for this year, he also indicated that additional cuts could occur in the future if necessary.

Furthermore, BP has ceased or deferred 30 projects since mid-2024 as part of its focus on high-value opportunities and efficiency improvements, highlighting the firm's shift toward integrating digital capabilities, with an increased emphasis on artificial intelligence in various operational sectors.

These developments follow a previously announced plan by Auchincloss last April to save $2 billion (£1.6 billion) by the end of 2026. In addressing BP's workforce, Auchincloss emphasized the company's unique position amid the global energy transition but warned that maintaining competitiveness requires ongoing adaptation and responsiveness to both customer and societal demands.

Despite these reductions, BP aims to continue its focus on digital transformation and high-value projects.

The firm has also reversed some previous commitments, notably retracting plans to cut its oil and gas output by 40% by 2030, aligning with its strategic shift to prioritize value growth.

As part of its evolving strategy, BP recently postponed an investor event in New York to facilitate Auchincloss's recuperation from a medical procedure, moving the event to London on February 26.

Amid fluctuations in its share price, which has decreased by approximately 20% since last spring, BP is committed to strengthening its financial footing and operational efficiency as it navigates the complexities of the global energy landscape.
Newsletter

Related Articles

0:00
0:00
Close
Europe Pursues Digital Autonomy Amidst Transatlantic Strains
OpenAI Lands Unprecedented $40 Billion Funding.
Charity Chairwoman Accuses Prince Harry of Bullying and Harassment
DOGE revealed that USAID provided $84 million to the Clinton Foundation. Of this amount, $3 million was spent on Chelsea Clinton's wedding, and $10 million was used to acquire a lavish mansion.
The State Department has announced the formal closure of USAID.
Apple's Innovation Deficit: Falling Behind in AI and Foldable Technology as Chinese Developments Progress
President Trump Proposes Military Intervention to Obtain Greenland
Passenger Taken into Custody After Engaging in Masturbation on SWISS Air Flight
Barcelona player Dani Alves found not guilty of rape accusations.
PUTIN'S LIMOUSINE DETONATES—SECURITY CHAOS ENSUES
French Foreign Ministry Denounces U.S. Interference in Corporate Diversity Initiatives
Copyright Issues Emerge as AI-Generated Studio Ghibli Images Gain Popularity
This is what we refer to as CREATIVITY.
Removing the Political Opponent Means Dismissing the Remnants of Turkey's Economy.
Malaysia Strengthens Semiconductor Regulations in Response to U.S. Pressure to Restrict AI NVIDIA Chip Exports to China.
OpenAI Launches New Image Generation Tool for ChatGPT
Ex-FIFA President and French Football Icon Acquitted of Corruption Allegations
National Security Advisor Mike Waltz Under Investigation After Journalist Added to Secret Military Chat
Ex-Business Partner of Hunter Biden Discusses Possible Pardon from President Trump
U.S. Attorney General Announces Task Force to Prosecute Government Fraud
American Brands Face Consumer Boycott in Europe Amid Escalating Trade and Political Tensions
White House Investigates Security Breach After Journalist Accidentally Added to Secret Yemen Strike Chat
Samsung Executive Han Jong-hee Dies Suddenly Amid Ongoing Corporate Challenges
German President Frank-Walter Steinmeier has just signed off on a national debt hike to fast-track Germany’s militarization
Heathrow Airport Restarts Services as Investigation into Power Outage Commences
Pope Francis Released from Hospital Following Pneumonia Treatment
Pope Francis Appears in Public for the First Time in Five Weeks After His Hospital Stay
Usha Vance to Head U.S. Delegation During Greenland Visit Amid Discussions on Annexation
Trump suggests US could join British Commonwealth if offered by King Charles
Elon Musk Files Lawsuit Against Jamaal Bowman for Defamatory Remarks
European Countries to Boost Defense Expenditures in Response to Changes in U.S. Assistance
Iconic Boxer George Foreman Dies at 76
European Airline Shares Fall Following Disruption from Heathrow Power Outage
Pope Francis Set to Leave Hospital Following Recovery from Pneumonia
Thousands Take to the Streets in Amsterdam to Protest Racism and Fascism
Revealing the Electromagnetic Characteristics of the Great Pyramid of Giza
President Trump Cancels Security Clearances for Notable Political Figures.
The Development of China's Automotive Sector
Netanyahu Dismisses Shin Bet Chief Amid 'Loss of Trust' and 'Qatargate' Corruption Investigations Involving Netanyahu's Advisors
UK Conservatives Remain Optimistic Despite Polling Challenges
Labour MPs Unveil Initiative to Combat Harmful Influencers and Advocate for Healthy Masculinity
Miami Beach Mayor Cancels Plan to Expel Cinema Following Documentary Showing
Thousands of Drones Illuminate the Sky in Honor of Trump.
Leaders of the US and Ukraine Participate in Constructive Call During Ongoing Conflict
Elon Musk's X Experiences Valuation Recovery to $44 billion.
UK Government Set to Implement Major Budget Cuts in Spring Statement
US Federal Reserve Downgrades Economic Growth Outlook Due to Tariff Uncertainty
EU Claims US Tech Giants Have Violated Digital Regulations
Canada Denounces the Execution of Its Citizens in China Amid Rising Tensions
European Union Moves Toward Joint Debt for Military Spending
×