BP – Thousands of job cuts to come

BP will cut thousands of jobs cut across its global oil and gas business by the end of next year in a $1 billion restructuring programme announced on Wednesday following steep falls in oil prices.

The British oil major said it was also considering deeper cuts to its 2015 budget beyond the $1-$2 billion reduction already announced in October, as a result of the oil slump.

“Given the recent position taken by OPEC and with oil prices where they are today, we will continue to review this further,” BP head of upstream Lamar McKay said in a presentation during an investor day in London.

The bulk of the restructuring costs will go towards staff redundancies in all segments, including oil exploration and production, refining and trading and administration, a company spokesman said.

Chosen excerpts by Job Market Monitor. Read the whole story at UPDATE 2-BP to spend $1 bln on thousands of job cuts | Reuters.