BP Slashes Jobs in Global Cost-Cutting Effort

BP is cutting 4,700 jobs worldwide, alongside an additional 3,000 contractor roles, as part of cost-saving measures. The job losses account for over 5% of BP's workforce. The company aims for digital transformation and efficiency, while reassessing renewable energy projects amid the energy transition.

BP, a major UK-based oil company, is undertaking a significant round of job cuts as it aims to save costs globally. The cuts include 4,700 company jobs and 3,000 contractor roles, together comprising over 5% of BP's total workforce.

CEO Murray Auchincloss, in a memo to employees, noted the reductions were part of efforts to meet savings goals outlined earlier this year. In October, BP pinpointed $500 million in cost savings, a move towards meeting a total target of $2 billion by the end of 2026.

The company plans to focus on high-value opportunities and has halted or paused 30 projects since June. In parallel, BP is increasing its digital capabilities, with AI taking on a larger role in various operations. However, recent steps back from renewable energy projects have sparked concern over its commitment to the energy transition.

(With inputs from agencies.)