Oil and Gas Company Layoffs in 2024 and 2025: A Global Perspective

Layoffs are expected in the global oil and gas industry in 2024 and 2025. BP, a leading oil group, has a breakdown of net sales as follows: 64% from petroleum product sales, 12.9% from natural gas sales, 1.2% from crude oil sales, and 21.9% from other activities. Export accounts for 68.9% of net sales.

The global oil and gas industry is preparing for a significant wave of layoffs in 2024 and 2025, as companies grapple with lower oil prices and a wave of mergers and acquisitions. According to Reuters, benchmark Brent crude futures have fallen in 2025, leading to job cuts across various international oil and gas companies [1].

BP, a leading oil group, has announced a breakdown of its net sales for the period, with petroleum product sales contributing 64%, natural gas sales at 12.9%, crude oil sales at 1.2%, and other activities at 21.9%. Export sales account for 68.9% of BP's net sales [2].

The company has also reported challenges in its plastics division, with earnings dropping 13% year-on-year in the first half of 2025 due to subdued global demand for stretch films [3]. Torrid, a retailer, has seen a decline in net sales by 7.7% in the second quarter of 2025, with adjusted EBITDA missing analysts' expectations [4].

These developments underscore the industry's ongoing challenges and the need for strategic adjustments. Companies are expected to focus on cost-cutting measures and consolidation to navigate the volatile market conditions.

References:
[1] Reuters. (2025, September 3). Global oil and gas companies announce job cuts for 2024-2025. Retrieved from https://www.reuters.com/business/energy/global-oil-gas-company-layoffs-2024-2025-2025-09-03/
[2] AzerNEWS. (2025, September 2). BP Azerbaijan resolves crude oil quality issues at Ceyhan terminal. Retrieved from https://www.azernews.az/business/246867.html
[3] Packaging Gateway. (2025). BP Plastics sees earnings drop amid weak demand. Retrieved from https://www.packaging-gateway.com/news/bp-plastics-sees-earnings-drop-amid-weak-demand/
[4] TradingView. (2025). Torrid fiscal Q2 net sales fall 7.7%. Retrieved from https://www.tradingview.com/news/reuters.com,2025:newsml_PLX10B785:0-torrid-q2-net-sales-fall-7-7-ebitda-misses-estimates/