BP to cut 3000 jobs as profits more than halve
Energy giants BP are to make 3,000 redundancies worldwide after annual figures show profits have halved over the past year.
Energy giants BP are to make 3,000 redundancies worldwide after annual figures show profits have halved over the past year.
It's being blamed on the falling price of oil, which is currently sits at just above $30 a barrell.
Bob Dudley, BP group chief executive, commented: “We are continuing to move rapidly to adapt and rebalance BP for the changing environment. We’re making good progress in managing and lowering our costs and capital spending, while maintaining safe and reliable operations and continuing disciplined investment into the future of our portfolio. “Our plans set out a clear course for BP for the medium term and will allow us to deliver growth in the longer term. All of this underpins our commitment to sustaining our dividend and then growing free cash flow and shareholder distributions over the long term.”