BP to slash 5% of staff in 2025, part of $2B cost-cutting plan

What’s going on at BP?

BP plans to eliminate more than five per cent of its global workforce in 2025.

According to an internal memo seen by Reuters, approximately 4,700 employees and 3,000 contractor positions will be axed.

“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,” CEO Murray Auchincloss said in the memo.

The workforce reduction is part of the energy giant’s effort to cut costs by at least $2 billion by the end of 2026.

Impact on Canadian staff

It remains unclear if any Canadian employees or contractors at BP are affected by the workforce reduction.

According to LinkedIn, the company has more than 430 workers in the country.

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