Close Menu
Human Resources Mag
  • Home
  • News
  • Management
  • Guides
  • Law
  • Talents
  • Benfits
  • Technology
  • More
    • Web Stories
    • Editor’s Picks
    • Press Release
What's On

Zuckerberg’s ‘intense year’ means thousands of Meta employees face layoffs

May 13, 2025

10 Best Headcount Management Software in 2025

May 13, 2025

Suparna Mitra resigns as CEO of Titan Watches & Wearables —

May 13, 2025
Facebook X (Twitter) Instagram
Facebook X (Twitter) Instagram
Human Resources Mag
Subscribe
  • Home
  • News
  • Management
  • Guides
  • Law
  • Talents
  • Benfits
  • Technology
  • More
    • Web Stories
    • Editor’s Picks
    • Press Release
Human Resources Mag
Home » BP Layoffs Announced in Pursuit of $2 Billion in Savings
Law

BP Layoffs Announced in Pursuit of $2 Billion in Savings

staffBy staffJanuary 20, 20254 Mins Read
Share Facebook Twitter Pinterest Copy Link LinkedIn Tumblr Email Telegram WhatsApp
Follow Us
Google News Flipboard
Share
Facebook Twitter LinkedIn Pinterest Email Copy Link

Oil giant BP is starting off the year with an unfortunate bang, with plans to cut more than 5% of its total workforce. The BP layoffs are expected to affect 4,700 workers of the overall 90,000 individuals who are employed at the organization globally. The company announced its intention to go on a cost-cutting mission last year, with an aim to simplify the business significantly by the end of 2026, so the news of the job cuts doesn’t come as a surprise.

In order to reach their savings goals, the BP layoffs will be integral to pairing down the workforce to the point where investments can be made into the digital capabilities of the company, especially at a time when AI and automation are leading the conversation across every industry.

BP layoffs

Image: Pexels

BP Layoffs to Ensue, Cost Savings Measures Take Priority

London-based oil giant BP has announced its intention to proceed with its job cuts, and as mentioned, this will include 5% of its workforce. Around 4,500 workers will exit the company with an additional 3,000 contract jobs slashed as well. The information was communicated to employees last week when CEO Murray Auchincloss shared an email with workers to inform them of the decision.

According to BBC, Auchincloss explained, “We have got more we need to do through this year, next year, and beyond, but we are making strong progress as we position BP to grow as a simpler, more focused, higher-value company.” The CEO also emphasized that it was “uniquely positioned to grow value through the energy transition,” but there was still room to keep improving the company’s competitiveness to allow it to keep moving at the pace of its customers and society.

These cuts are expected to occur among the office staff and not in operational roles or among those who work the petrol or service stations for the organization. Around 2,600 of the contractors affected by BP’s worldwide job cuts are believed to have exited their roles already. 

BP Is Targeting $2 Billion in Savings by the End of 2026

Last year, in October, the international oil giant was able to identify $500 million of cost savings that it intended to deliver by this year. This was a quarter of the $2 billion (1.6 billion pounds) in savings it planned to ensure by the end of 2026. Recently, in a fourth-quarter trading update, the company stated that it expects to record impairment charges between $1 billion to $ 2 billion with upstream production expected to be lower than numbers seen in the third quarter. 

For now, the company has redirected its attention to going all in on its “highest-value opportunities.” As a result, over 30 projects have been put on hold since June, according to the Associated Press. This has included the company’s move to withdraw from some of the renewable energy projects it invested in earlier. This does mean an end to the plans to cut the company’s oil and gas output by 40% by 2030, for now.

The business is now placing an emphasis on investing in digital capabilities that can help the organization in the long run. Over the years, BP has fallen behind its peers in terms of its overall value and share price. While Auchincloss’ predecessor Bernard Looney has been blamed for steering the company in the wrong direction and making predictions that did not eventually come to fruition, the company has still been slow to reverse his decisions entirely and leap back into the fossil fuel business with vigor. 

As the company works on realigning its resources with its goals and ensuring it has enough power to ride through the challenges of the upcoming years, workers who are affected by the BP layoffs will have to set their sights on a different business where they can pursue their own growth. 

Follow on Google News Follow on Flipboard
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email Copy Link

Related Articles

Zuckerberg’s ‘intense year’ means thousands of Meta employees face layoffs

May 13, 2025 Law

Was a Leadership Change the Best Strategy?

May 13, 2025 Law

Emma Grede’s Work-Life Balance Remarks Spark Heated Debate

May 12, 2025 Law

Panasonic CEO’s pay cut signals accountability amid global layoffs

May 12, 2025 Law

When Does No Tax on Overtime Start in Florida?

May 11, 2025 Law

13% of Workers to Be Affected

May 9, 2025 Law
Top Articles

Accused of fraud, murder, fired exec awarded $500,000, 24 months’ notice

January 9, 202496 Views

Canadian Tire store under investigation for alleged exploitation of temporary foreign workers

October 2, 202490 Views

5 Best Learning Management Systems in 2025

February 11, 202588 Views
Stay In Touch
  • Facebook
  • YouTube
  • TikTok
  • WhatsApp
  • Twitter
  • Instagram
Latest News

What DEI misses: diversity of values

staffMay 13, 2025

HRIS vs HRMS vs HCM: What’s the Difference and Which Do You Need?

staffMay 13, 2025

Vahan.ai appoints Kartik Rao as chief people officer —

staffMay 13, 2025
Most Popular

Zuckerberg’s ‘intense year’ means thousands of Meta employees face layoffs

May 13, 20250 Views

10 Best Headcount Management Software in 2025

May 13, 20250 Views

Suparna Mitra resigns as CEO of Titan Watches & Wearables —

May 13, 20250 Views
Our Picks

What DEI misses: diversity of values

May 13, 2025

HRIS vs HRMS vs HCM: What’s the Difference and Which Do You Need?

May 13, 2025

Vahan.ai appoints Kartik Rao as chief people officer —

May 13, 2025

Subscribe to Updates

Get the latest human resources news and updates directly to your inbox.

Facebook X (Twitter) Instagram Pinterest
  • Privacy Policy
  • Terms of use
  • Advertise
  • Contact Us
© 2025 Human Resources Mag. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.