BP Cutting 4,700 Jobs Worldwide In Cost-Saving Effort

UK-based oil giant BP is eliminating 4,700 jobs globally and an additional 3,000 contractor roles as part of a cost-saving initiative, the Associated Press (AP) reported.

Last October, BP identified $500 million in cost savings to be achieved this year. I Photo: bp Facebook

In an email to staff seen by AP, CEO Murray Auchincloss announced that the job cuts would account for much of the anticipated reductions this year. These layoffs represent just over 5% of BP's 90,000 global workforce.

Approximately 2,600 contractors affected by the cuts have already left the company, according to Auchincloss.

Last October, BP identified $500 million in cost savings to be achieved this year, representing a quarter of the $2 billion target set in April to be met by the end of 2026. Auchincloss stated that BP is prioritizing its highest-value opportunities and has stopped or paused 30 projects since June.

The company is increasingly focusing on integrating digital capabilities into its operations, with artificial intelligence playing a growing role in both engineering and marketing.