BP, the hottest oil giant, plans to cut thousands

2022-09-23
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Oil giant BP plans to cut thousands of jobs to cope with the decline in oil prices

oil giant BP plans to cut thousands of jobs to cope with the decline in oil prices

January 13, 2016

[China paint information] international oil giant BP (BP) announced on Tuesday (January 12) that it would cut jobs by 5% worldwide. In response to the continued decline in oil prices, the upper beam of the experimental machine is equipped with conditioning screw face. The company plans to cut jobs in the global crude oil production department, that is, the upstream business department

BP said that by the end of 2015, the total number of employees was about 80000. The company is implementing a $3.5 billion restructuring plan

with crude oil falling to a 12-year low of about $32 per barrel as little as possible, the world's large oil and gas producers are bound to continue to vigorously cut spending this year

3. Tested parameters: change the standard test parameters of the experimental machine to experimental torque and corner. A spokesman for BP said, "we want to simplify the structure and reduce costs without affecting the safe operation. Globally, we expect that the time has come for upstream business, and the number of people will be less than 20000 by the end of this year."

he also pointed out that in Beihai, the company plans to cut 600 people in the next two years, and most of the layoffs may be completed in 2016

BP shares closed down 1.5% to 323.10 pounds on Tuesday. Since oil prices began to fall in mid-2014, the stock has fallen by about 40%

at present, oil companies including Royal Dutch/shell and Chevron have cut tens of thousands of jobs worldwide to cope with the sharp decline in profits caused by the nearly 75% decline in oil prices since June 2014

BP announced the third round of spending reduction plan in October last year, saying that it would limit its annual capital expenditure to US $billion by 2017. At the same time, it is expected to divest another US $billion of investment in 2016. BP has sold more than $50billion in assets in recent years to cover oil spill related expenses

Macquarie analysts had previously estimated that the profits of major oil companies' upstream businesses in the fourth quarter of 2015 were expected to decline by 84% year-on-year, down 48% from the previous quarter

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