BP layoffs expand by 32% as energy giant shifts focus to traditional oil

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BP, the global energy giant with its U.S. headquarters in Houston, is now planning to cut 6,200 office jobs—up from the 4,700 layoffs it announced just seven months ago. That's a 32 percent jump, and with Houston home to the company's largest employee base, the ripple effects could be significant.

BP employs about 4,000 people in the Houston area, more than any other location in its global footprint. While the company hasn't said exactly how many local jobs will be impacted, concerns are growing that the Bayou City could take a hit as the oil giant continues its company-wide restructuring.

Beyond full-time employees, BP also is trimming its contractor workforce. Since January, it has let go of 3,200 contractors, with another 1,200 exits planned by the end of the year.
The expanded layoffs are part of BP's broader "reset" strategy, first announced in January, aimed at slashing costs by $2 billion by 2026. That shift includes stepping back from renewables and doubling down on traditional oil and gas production—a notable pivot from BP's earlier green energy ambitions.

CFO Kate Thomson confirmed during the company's second-quarter earnings call that about 6,200 jobs are now expected to be impacted by the end of the year. She noted that the affected jobs are part of BP's 40,000-person office-based workforce, and most of the cuts will take place in the fourth quarter.

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The restructuring also is impacting BP's convenience store segment, which includes more than 1,500 U.S. stores under the TravelCenters of America, ampm and Thorntons brands. While the company confirmed the division has been affected by the reset, the extent of those impacts has not been disclosed.

Even as BP slashes jobs and restructures its global operations, the company is still making major bets on oil. On Monday, BP announced it may have uncovered a massive oil and gas deposit in the Santos Basin off the coast of Brazil, roughly 218 nautical miles from Rio de Janeiro. It's a clear sign that BP is doubling down on big, traditional oil projects—even as it scales back on renewables and trims spending elsewhere.

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I’m guessing BPX will kick up their current activity in the Permian and other onshore areas if we see a good uptick in oil prices, and BP Lightsource…. Spinoff? Sale? Or keep a skeleton crew for “green” optics?