BP to cut 10,000 jobs worldwide during coronavirus pandemic

BP to cut 10,000 jobs worldwide during coronavirus pandemicThis Aug. 1, 2017, file photo shows the oil producer BP company logo at a petrol station in London.

LONDON (AP) — Energy producer BP announced Monday that it will slash its global workforce by 10,000 jobs as the COVID-19 pandemic slams the oil and gas industry.

Chief Executive Bernard Looney said that the cuts will affect office-based roles in BP’s global workforce of 70,000 people and come mostly this year. The changes are expected to significantly affect senior levels, cutting the number of group leaders by a third.

“We are protecting the frontline of the company and, as always, prioritizing safe and reliable operations,” Looney said after a call with his staff.

The job cuts come amid a time of tremendous change for BP.

The global energy industry has been hit hard by the pandemic as the widespread limits on business, travel and public life reduced the need for oil, gas and other fuels. Supply was also particularly high when the outbreak began, creating a perfect storm for the industry. With storage facilities filling up, the U.S. price of oil went below zero in April for the first time ever.

BP, meanwhile, has said it wants to eliminate or offset all carbon emissions from its operations and the oil and gas it sells to customers by 2050, an ambitious target born out of pressure to help combat climate change and keep making money.

Banks during coronavirus pandemic:They were already feeling the impact. This new accounting rule doesn't help

I got too many unemployment payments:Here’s how I sent the money back

“To me, the broader economic picture and our own financial position just reaffirm the need to reinvent BP,″ Looney said in an email to staff. ”While the external environment is driving us to move faster – and perhaps go deeper at this stage than we originally intended – the direction of travel remains the same.″

The U.S. contract for oil began the year at over $60 a barrel, collapsed to below -$37 in April and recovered to about $39 a barrel as of Monday as OPEC countries agreed to limit production.

Source: https://www.usatoday.com/story/money/2020/06/08/bp-cut-10-000-jobs-worldwide-amid-coronavirus-pandemic/5317787002/

News Related

ORTHER NEWS

Trump’s ‘mission accomplished’ moment is premature and deadly. We have not defeated COVID.

Desperate for crowds and adoration, Trump has put his most fervent supporters at risk of getting a deadly disease. Future historians will be astonished. Read more »

NFLPA president JC Tretter says NFL is putting season, players at risk with its coronavirus approach

NFL Players Association president JC Tretter said Tuesday the NFL is putting the 2020 season at risk with its coronavirus approach, calling on the league to better “prioritize player safety.” “Like many other... Read more »

Brazilian President Jair Bolsonaro says he tested positive for the coronavirus

RIO DE JANEIRO (AP) — Brazil’s President Jair Bolsonaro says he has tested positive for COVID-19 after months of downplaying the virus’ severity. Bolsonaro confirmed the test results while wearing a mask and... Read more »

Venice Film Festival forges ahead amid COVID-19 pandemic with reduced lineup

The show will go on for the Venice Film Festival in September, but with a few modifications due to the COVID-19 pandemic. Organizers said Tuesday that they are pushing forward with plans for... Read more »

Amtrak offers buy-one, get-one promotion on its sleeper trains amid COVID-19 — with a catch

Amtrak wants you to have sweet dreams the next time you travel — so much so that it’s sweetening the deal on its sleeper “roomettes.” The rail service is offering a buy-one-get-one-free discount... Read more »

Florida teen treated with hydroxychloroquine at home before dying of COVID-19, report says

FORT MEYERS, Fla. – The family of a 17-year-old Florida girl who died last month from COVID-19 treated her symptoms at home for nearly a week before taking her to a hospital, a... Read more »

Mookie Betts worried MLB coronavirus testing woes could prevent him from ever playing for Dodgers

During nearly four months away from the game, Mookie Betts said he “stayed away from baseball to keep myself sane.” It’s not hard to understand why. The 2018 American League Most Valuable Player... Read more »

Tom Hanks doesn’t get ‘how common sense has somehow been put into question’ with coronavirus

Read more »

Can Gov. DeSantis force Florida schools to reopen amid the coronavirus pandemic? Some school leaders seem doubtful.

PALM BEACH, Fla. — As concern about the state order spread online, some school leaders said: Not so fast. As Florida educators puzzle over how to start the new academic year, Gov. Ron... Read more »

Texas surpasses 200,000 coronavirus cases after 4th of July holiday weekend

AUSTIN, Texas – Texas reached 200,000 total COVID-19 cases Monday, just 17 days after crossing the 100,000 threshold, a figure that took the state nearly four months to hit. The grim milestone came... Read more »