BP job cuts: UK fuel firm to axe 1000s of jobs and contractor roles to cut costs and save share price - news

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The firm is making major cuts to its workforce as part of a broader strategy 🔧
  • BP has announced plans to cut 4,700 jobs and 3,000 contractor roles globally
  • The reductions account for over 5% of BP's 90,000 global workforce
  • CEO Murray Auchincloss says the cuts are part of a multi-year strategy
  • The company’s share price has dropped by around 20% since last spring, prompting the savings plans

A major British oil and gas company has announced plans to reduce its workforce by 4,700 jobs and cut 3,000 contractor roles as part of its cost-saving efforts.

Workers from across BP’s global workforce will be affected. The company did not specify how many employees will be impacted in each country, but the cuts represent slightly more than 5% of its 90,000 employees worldwide.

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BP employs around 14,000 people in the UK. Those working at petrol and service stations - approximately 6,000 of them - will not be affected by the job reductions.

Chief executive Murray Auchincloss announced the redundancies in an email to staff on Thursday (January 16).

A fuel tanker lorry being driven into the BP Plc fuel terminal in Hemel Hempstead in 2021 (Photo: Dan Kitwood/Getty Images)A fuel tanker lorry being driven into the BP Plc fuel terminal in Hemel Hempstead in 2021 (Photo: Dan Kitwood/Getty Images)
A fuel tanker lorry being driven into the BP Plc fuel terminal in Hemel Hempstead in 2021 (Photo: Dan Kitwood/Getty Images) | Getty Images

He wrote: “I understand and recognise the uncertainty this brings for everyone whose job may be at risk, and also the effect it can have on colleagues and teams.”

“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.”

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BP said the job cuts are part of a multi-year strategy to reduce costs across the business, with the possibility of further reductions in the coming year and beyond.

Auchincloss added that the job losses announced on Thursday “account for much of the anticipated reduction this year”.

He said the company is “focusing resources on our highest-value opportunities” and that it has stopped or paused 30 projects since June 2024.

Auchincloss's memo said approximately 2,600 of the contractors affected by the job cuts have already departed from the company.

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In April of last year, Auchincloss unveiled a plan to achieve savings of $2 billion (£1.6 billion) by the end of 2026. The initiative is partly aimed at boosting the company's declining share price, which has dropped by around 20% since last spring.

BP has also scaled back on several renewable energy projects and abandoned a previous goal to reduce oil and gas output by 40% by 2030, according to reports.

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