Oil giant BP announced Tuesday it will cut 4,000 jobs or 5 percent of its global workforce of about 80,000 due to plunging oil prices, the Wall Street Journal said. The oil giant, which expects to complete the staff reduction by the end of next year, is attempting to slash its operational costs in the face of a steep revenue drop.

The British company has suffered alongside other oil companies as the price of crude has dropped a staggering 70 percent since June 2014. On Monday, the price of oil slid to a 12-year low of just below $32 per barrel. In its latest quarterly earnings statement, BP reported revenues down 41.7 percent from the previous year to $54.73 billion. The company reports fourth-quarter and full-year results Feb. 2.

BP’s CEO Bob Dudley recently said he fully expects the price decline to linger into the first quarter of 2016 and beyond. “Prices are going to stay lower for longer. We have said it, and I think we are in this for a couple of years,” Dudley said in early January.

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