BP will now cut about 6,200 jobs by the end of 2026 as part of its ongoing restructuring, the company said in its second-quarter earnings call yesterday.
The majority of these exits are anticipated in fourth-quarter 2025, setting the stage for “material incremental savings” beginning in first-quarter 2026, bp said.
The news comes after the energy giant announced a fresh review of costs, vowing to do better by its shareholders.
As part of the new plans, BP said it would cut 6,200 roles, up from the 4,700 it had already announced.
Chief Executive Murray Auchincloss has reportedly come under shareholder pressure to slash costs further, with the Financial Times reporting on Monday that activist investor Elliott was leading that charge based on concerns over high contractor numbers.
He said on Tuesday that AI was playing a leading role in bolstering efficiency across the business.
In an interview with CNBC, he said: "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... inside the sector, and technology plays a huge part in that.
"Just technology is moving so fast, we see tremendous opportunity in that space. So it's good for all seasons to drive cost discipline and capital discipline into the business. And that's what we're focused on."