BP increases staff cuts to 6,200 and signals further possible reductions
The oil giant said it now expects 6,200 jobs to go – about 15% of its office-based workforce – which is higher than the 4,700 cuts announced at the start of the year.
BP also said it had already slashed 3,200 contractor roles since January, with another 1,200 to go by the end of 2025.
The group raised the possibility of further cuts as bosses unveiled plans to look for more cost savings and conduct a 'thorough' review of its portfolio as it comes under pressure from shareholders.
Its 100,000-strong worldwide workforce will be reviewed further as part of the new push, it confirmed.
BP did not give a country breakdown of the extra job cuts this year, but said they will go across its UK and overseas sites.
The firm employed about 14,000 UK workers at the start of 2025.
It comes as chief executive Murray Auchincloss pledged the FTSE 100 firm would do 'better for its investors' and said there was 'much more to do' under its current three-year plan.
BP has been under pressure from shareholders to boost profits and cut costs, with activist investor Elliott Management recently taking a 5% stake in the group.
The group saw half-year profits tumble by nearly a third as weaker oil prices weighed on earnings, although it posted a better-than-expected performance for the second quarter.
It reported a 32% fall in underlying replacement cost profits – the group's preferred profit measure – to 3.73 billion US dollars (£2.81 billion) for the six months to June 30.
Underlying profits fell 15% year-on-year to 2.35 billion dollars (£1.77 billion) between April and June, although this was a significant improvement from 1.38 billion dollars (£1.04 billion) in the first quarter and better than most analysts had forecast.
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