Image courtesy of BP.

BP is reportedly accelerating plans to slash hundreds of jobs as oil prices continue to tumble.

The company has been planning the cuts for some time but weak oil prices have prompted it to speed up headcount reductions, the BBC said.

The cuts are expected to focus on back office departments in the UK and United States.

BP said it will present more details about the plan Wednesday.

“The fall in oil prices has added to the importance of making the organization more efficient and the right size for the smaller portfolio we now have,” BP said.

CFO Brian Gilvary told the Sunday Times that “headcounts are starting to come down across all our activities” and that most of the cuts will come from “the layers above operations.”

“We have got flexibility to trim into next year if that’s what we need in a new world of oil at $70 or $60 (per barrel),” Gilvary told the Times.

The UK based supermajor has been downsizing since the 2010 Deepwater Horizon spill.

BP is facing up to $18 billion in fines for violations of the Clean Water Act connected to Deepwater accident.

The penalty phase of the trial begins in January.


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