BP to cut 15% of corporate workforce by end of 2025

Energy giant increases layoffs to 6,200 corporate jobs as part of $2B cost-cutting strategy.

BP will eliminate 6,200 corporate positions, or approximately 15% of its office-based workforce, by the end of this year. The announcement was made by Chief Financial Officer Kate Thompson during the company’s Q2 earnings presentation on Tuesday, a move that is part of the company’s broader strategy to reduce operational costs by $2 billion before 2026.

The latest figure marks a significant jump from the 4,700 layoffs previously disclosed earlier this year. In addition to corporate roles, the company now expects to eliminate 4,400 contractor positions by the end of 2025, up from its initial estimate of 3,000 in January.

The cuts come as BP continues to restructure its operations, with a notable impact on its customers and products segment, which includes the company’s global convenience store business. According to Thompson, about 60% of the layoffs in 2024 have come from this division alone.

BP’s restructuring began in January with a strategic shift that included scaling back its renewables focus in favor of traditional oil production. At the time, the company planned to cut 5% of its global workforce. Since then, the restructuring has produced tangible results: $1.7 billion in structural cost savings, including $400 million in corporate and overhead reductions, Thompson said.

The ongoing workforce reductions highlight BP’s aggressive effort to streamline operations amid fluctuating energy markets and shareholder pressure for improved returns.