Petrobras, BP are slimming down to sustain business

摘要

As crude prices stumbled another notch lower, the UK supermajor announced that it will have to take additional measures to reduce costs. 'We expect prices will remain lower for even longer than we originally envisaged at the beginning of last year,' said upstream chief executive Lamar McKay, announcing that substantial layoffs-in addition to other efforts to 'rephase and refocus activity,'-in BP's upstream segment would be necessary. 'Overall, at a segment level we are planning an upstream organization with a workforce below 20,000 people by the end of 2016,' he said, explaining that at least 4,000 staff and contractor positions would likely be eliminated. 'I cannot say how far below 20,000 since the environment continues to change and weaken.'