BP employs more than 90,000 people currently, but according to CNN, that number will drop by more than 4,000 in 2025.
With Paramount’s hit show Landman taking over television and the country culture, oil is more top of mind in America now than it has been in a long time.
But that doesn’t mean that the revenue is always there, and sometimes even the huge oil companies have to make mass layoffs to thrive and survive in today’s world.
A spokesperson for BP said, “We are strengthening our competitiveness and building in resilience as we lower our costs, drive performance improvement and play to our distinctive capabilities.”
The company also plans to cut thousands of contracted jobs.
This is going to be a huge round of layoffs that’s projected to save the company more than $2 billion by 2026.
The news comes after BP shares took a nosedive in 2024, decreasing 16 percent, so the company has some work to do to stop the bleeding. BP did not clarify how it would distribute the layoffs across the company’s worldwide workforce
CNN reports that the layoffs affect approximately five percent of BP’s total workforce, with 4,700 layoffs expected in 2025 as part of a “multi-year program to simplify and focus BP.” The cuts include 3,000 contractor roles, and 2,600 of those contractors have already departed.
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