What’s Going on at BP?

Global oil and gas giant BP is accelerating its internal restructuring — cutting 6,200 corporate jobs, or 15% of its office-based workforce, by year-end, Chief Financial Officer Kate Thompson confirmed during the company’s Q2 earnings call on Tuesday.

This marks a substantial increase from the 4,700 job cuts previously projected. The company is also set to eliminate 4,400 contractor roles by the end of 2025, up from an earlier estimate of 3,000.

• The cuts are part of BP’s effort to reduce structural costs by $2 billion before 2026.
• Over 60% of this year’s layoffs so far have come from BP’s customers and products segment, which includes its convenience store chains and energy-related services.
• So far, BP has achieved $1.7 billion in structural cost savings, including $400 million from corporate and overhead cuts.
• The company did not disclose layoffs by country or specific brands.

“Progress in our structural cost reduction program reflects the significant changes we have made to performance culture across the organisation to further embed discipline and accountability,” said Thompson.

What’s Driving the Changes?

The expanded layoffs come as BP doubles down on reducing costs and focusing on traditional energy production amid mixed returns from its low-carbon ventures.

Key areas impacted:

• Convenience stores: Part of the broader Customers and Products division, which is bearing the brunt of job cuts.
• EV charging, lubricants, bioenergy, and aviation...

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