BP to reduce spending in response to volatile market but no job cuts in next three months

Oil major BP has set out actions it is taking in response to the COVID-19 pandemic and ongoing market disruption, including a 25 percent reduction in capex. BP has underlined there will be no layoffs in the next three months as a result of coronavirus cost-cutting. 

In addition to revealing its action plan to deal with the current market situation, BP also on Wednesday provided an update on factors expected to affect its first-quarter results.

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