BP to cut 7000 jobs

UK oil company BP plans to lay off a total of 7000 staff after reporting an overall loss of $6.5 billion (£4.5 billion) in 2015. The company’s underlying operational profit measure dropped 51% relative to 2014, to $5.9 billion. The new plans represent a cut of approximately 9% of BP’s global workforce.

The cuts will affect staff and contractor roles across both arms of the company. The ‘upstream’ segment, which is responsible for oil and natural gas production, will suffer cuts of 4000 jobs during 2016. An additional 3000 jobs will be cut from the ‘downstream’ segment, responsible for product manufacture and marketing, by the end of 2017.

The move comes as part of an effort to reduce costs in the wake of falling oil prices and lower than expected gas marketing and trading results. BP also paid a charge of $440 million over the last quarter associated with the Deepwater Horizon oil spill, bringing the current total charge for the incident to $55 billion.

Related Content

BP Deepwater oil spill fines set to fall dramatically

22 January 2015 News and Analysis

news image

Louisiana judge rules that disaster released a million fewer barrels of oil into the Gulf of Mexico than the US government es...

BP emerges from Deepwater with $18.7bn settlement

3 July 2015 News and Analysis

news image

BP has agreed to pay an $18.7 billion settlement to five states damaged by the Deepwater Horizon oil spill

Most Commented

Large HIV vaccine trial to launch in South Africa

24 May 2016 News and Analysis

news image

US funding agency will enlist 5400 people for HIV vaccine study in South Africa in November

Crawling chemical system acts as if it’s alive

24 May 2016 Research

news image

Intriguing globule that moves, eats and defecates