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August 05, 2025
BP Stock Prices: BP is cutting more jobs than expected this year. The company now plans to let go of 1,500 additional employees and 1,200 contractors worldwide.
These cuts will be made by the end of the year as part of a bigger push to reduce costs.
With this update, the total number of job losses has climbed to 6,200. That’s about 15% of BP’s office-based staff.
Earlier this year, BP had said it would cut 4,700 jobs. Now, it warns that even more layoffs could happen in the future.
BP has already cut 3,200 contractor jobs since January. It plans to eliminate another 1,200 by the end of 2025.
The company also said it will keep reviewing all remaining contractor roles across its departments to control costs.
Leaders at BP have not ruled out more cuts in the future. They’re now aiming for deeper cost reductions.
A full review of BP’s business portfolio is also in the works. These steps come as shareholders continue to demand better performance and accountability.
BP has confirmed it will take a fresh look at its entire global workforce, which includes around 100,000 employees. This move is part of its new cost-cutting plan.
The company hasn’t shared exact details about which countries will see the most job losses. But it did mention that the cuts will affect both UK and international locations.
As of early 2025, BP had around 14,000 workers in the UK.
BP’s CEO, Murray Auchincloss, has promised to deliver better returns for investors. He said the company still has a long way to go under its current three-year plan.
Shareholders have been urging BP to boost profits and cut down on costs. The pressure has grown even more after activist investor Elliott Management bought a 5% stake in the company.
BP’s half-year results, released on Tuesday, showed a sharp drop in profits. Earnings fell by nearly one-third due to weaker oil prices.
Still, the company performed better than expected in the second quarter.
For the six months ending June 30, BP reported a 32% drop in underlying replacement cost profit — its preferred way of measuring profits. The figure stood at 3.73 billion US dollars (around £2.81 billion).
BP’s underlying profits slipped 15% year-on-year, landing at $2.35 billion (£1.77 billion) for the April to June period. But that’s a clear jump from the $1.38 billion (£1.04 billion) it made in the first quarter.
The second-quarter results were stronger than most experts had predicted. This helped BP’s shares rise by nearly 2%.
The company is already rolling out a cost-saving plan it announced back in February. The goal is to cut up to $5 billion (£3.8 billion) in expenses by the end of 2027.
BP has shared that it plans to sell $20 billion (£15.1 billion) worth of assets by the end of 2027.
In the first half of this year alone, the company has already cut $900 million (£677 million) in costs. Since 2023, total savings have reached $1.7 billion (£1.3 billion).
CEO Murray Auchincloss said BP is now preparing to speed up its transformation efforts. This decision follows recent talks with Albert Manifold, who is set to become chairman next month.
Mr. Auchincloss said he’s been in discussions with Albert Manifold, who will soon take over as chairman. Both have agreed to carry out a full review of BP’s business portfolio.
The aim is to make sure the company is creating strong value for its shareholders going forward.
He added that BP is also starting a fresh cost review. While safety won’t be compromised, the goal is to become one of the most efficient companies in the industry.
“BP can do better — and it will,” Auchincloss said.
To keep shareholders on board, BP has announced another share buyback worth $750 million (£565 million). It will also raise its quarterly dividend by 4%, offering a boost to investor returns.
Mr. Auchincloss shared his thoughts on the company’s ongoing progress. He said they are just two quarters into a 12-quarter plan.
“We’re staying sharply focused on our four main goals,” he said. “We’ve made a solid start, but we know there’s still a lot more to achieve.”
Albert Manifold has been appointed to take over as BP’s new chairman. He will replace Helge Lund, who faced a tough few years in the position.
Manifold brings years of leadership experience, having served as CEO of building materials company CRH for a decade.
He’ll step in as chairman-elect on September 1. From October 1, he will officially take on the role of chairman at BP.
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