Falling oil prices are accelerating the majors’ plans for job cuts as they tighten their belts and reduce activity. BP expects to take a non-operating charge of around $1bn to cover redundancies and other restructuring costs over the next five quarters, including this quarter, as it trims its head count to better reflect its more streamlined portfolio following the 2010 Macondo oil spill in the US Gulf of Mexico. BP has long planned the cuts but the slump in oil prices has “focused minds”, it says.
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