Exclusive: Oil major BP to cut 15% of workforce

LONDON - BP will cut about 15% of its workforce in response to the coronavirus crisis and as part of Chief Executive Bernard Looney’s plan to shift the oil and gas major to renewable energy, it said on Monday.

“We will now begin a process that will see close to 10,000 people leaving BP – most by the end of this year,” Looney said in a statement.BP shares were up 3.3% by 1230 GMT, against a 2.2% gain for the broader European energy sector. Like all the world’s top energy companies, BP has cut its 2020 spending plans after the coronavirus pandemic brought an unprecedented drop in demand for oil. BP has flagged a 25% cut to $12 billion this year and said it would find $2.5 billion in cost savings by the end of 2021 through the digitalisation and integration of its businesses.BP is giving no pay rises to senior employees until March 2021 and said it is unlikely to pay any cash bonuses this year.

Source: Energy Industry News (energyindustrynews.net)

This must be a dream come true for them, they don't have to think about the 4,3 billion dollar profit of last year.... Luckily that's already lining the pocket of some scrupuleus politician who will suggest a bailout soon...

15

But hey, the economy is in great shape! Employment is up.... or so says realDonaldTrump TrumpIsAnIdiot recession BunkerBoy

This is an industry I want to see defunded.

But Chump said anyone who wants a job can get a job lol 😂🙄

No crap

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