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PR Newswire
10-12-2014, 09:25 PM
A preparation for sustained low oil price?
BP to spend $1 billion on hundreds of job cuts, restructuring
LONDON - BP will cut hundreds of jobs across its global oil and gas business by the end of next year in a $1 billion restructuring program announced on Wednesday following steep falls in oil prices.
The bulk of the costs will go towards staff redundancies in all segments, including oil exploration and production, refining and trading and administration, a company spokesman said.
The British oil major said a first charge will be taken in the fourth quarter of 2014 as it implements a plan drawn up over the past 18 months to increase efficiency.
"As part of its wider ongoing group-wide program to simplify across its Upstream and Downstream activities and corporate functions, it expects to incur non-operating restructuring charges of circa $1 billion in total over the next five quarters, including the current quarter," BP said in a statement.
Hundreds of jobs are expected to be cut in BP's main centers in Britain, the United States and elsewhere, sources said.
...
http://www.todayonline.com/business/bp-s...tructuring
BP to spend $1 billion on hundreds of job cuts, restructuring
LONDON - BP will cut hundreds of jobs across its global oil and gas business by the end of next year in a $1 billion restructuring program announced on Wednesday following steep falls in oil prices.
The bulk of the costs will go towards staff redundancies in all segments, including oil exploration and production, refining and trading and administration, a company spokesman said.
The British oil major said a first charge will be taken in the fourth quarter of 2014 as it implements a plan drawn up over the past 18 months to increase efficiency.
"As part of its wider ongoing group-wide program to simplify across its Upstream and Downstream activities and corporate functions, it expects to incur non-operating restructuring charges of circa $1 billion in total over the next five quarters, including the current quarter," BP said in a statement.
Hundreds of jobs are expected to be cut in BP's main centers in Britain, the United States and elsewhere, sources said.
...
http://www.todayonline.com/business/bp-s...tructuring
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