bp will cut more than 5% of its global employees, CEO Murray Auchincloss said Thursday in an internal memo shared with CSP Daily News. The layoffs will help reduce costs for the convenience retailer and oil company by at least $2 billion by the end of 2026 and address investor concerns over the company’s strategy to transition to a low-carbon economy.
London-based bp said about 4,700 employees and 3,000 contractor positions will be cut this year. The company has a workforce of about 90,000 people. bp would not disclose an exact breakdown of where the cuts were being made.
bp acquired TravelCenters of America in May, adding a network of about 280 travel centers and an additional 20,000 staff members.
In a separate memo sent by the head of bp's technology division, Emeka Emembolu, to his team, he anticipated around 1,100 roles will be cut through redundancies or by shifting work from the United Kingdom and the United States to Hungary, India and Malaysia, according to Reuters.
“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,” Auchincloss, who has held the role of CEO since January 2024, said in the memo.
In addition to the role cuts, Auchincloss said bp has stopped or paused 30 projects since June to focus on its highest value opportunities. The company is also utilizing artificial intelligence (AI) in its engineering, marketing and operations.
bp’s investor day, where Auchincloss is expected to provide details for the strategy, is set for Feb. 26. bp will publish its fourth-quarter and full-year results on Feb. 11.
Global energy company bp, which has U.S. headquarters in Chicago, owns TravelCenters of America and convenience-store brands ampm and Thorntons in the United States.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.