It’s completed about $43 billion of asset sales since the 2010 oil spill in the Gulf of Mexico. The offshore disaster has cost London-based BP more than $28 billion in clean-up costs and damages, and the company is still fighting legal battles on multiple fronts.
BLOOMBERG NEWS ARTICLE
BP Chief Says Company Must Slim Down to Match Rivals on Costs
Dec 12, 2014 11:07 AM GMT
BP Plc (BP/), dealing with the lowest crude prices in five years, must cut jobs because costs are higher than at the oil company’s global competitors, the chief executive officer told staff this week.
“In many parts of BP, we have higher costs and larger teams than other companies operating at a similar scale,” Chief Executive Officer Bob Dudley said in an internal memo to staff obtained by Bloomberg. Programs are “well underway in many areas to streamline our work and refocus our activities.”