BP to cut 6,200 jobs as cost pressure grows

BP has announced it will eliminate 6,200 jobs by the end of 2026 as part of an accelerated restructuring initiative aimed at strengthening profitability amid ongoing shareholder demands for deeper cost discipline. The energy giant, which previously targeted 4,700 redundancies, unveiled the expanded cuts during its second-quarter earnings call.

The majority of job reductions are now expected to occur in the final quarter of 2025, with BP forecasting “material incremental savings” to follow in the first quarter of 2026. The intensification of cuts is understood to be a direct response to pressure from activist investor Elliott and other shareholders who have questioned BP’s high contractor numbers and overall returns.

Chief Executive Murray Auchincloss emphasized in recent interviews that artificial intelligence is central to efforts to enhance operational efficiency across the business. “We need to keep driving safely to be the very best in the sector we can be, and that's why we're focused on another review to try to drive us towards best in class. Technology plays a huge part in that,” Auchincloss said, highlighting both the rapid pace of technological change and its potential to deliver long-term cost savings.

The announcement comes as BP seeks to reassert its appeal to investors after a volatile period for energy markets and a renewed debate around the energy transition and capital allocation strategy.