BP has promised its employees their jobs are safe over the next three months, while the oil major considers ways to cut costs with crude prices plunging.
Chief executive Bernard Looney said the company would take “calm, deliberate action” to manage its capital costs in response to oil’s historic crash. The measures “will not include include making any BP staff redundant” over the next three months, he said in a LinkedIn post.
An unprecedented destruction in demand because of the coronavirus pandemic and a surge of supply have pushed US crude prices below $20 a barrel, with the outlook becoming increasingly grim. Oil companies has pledged billions of dollars of spending cuts to weather the crisis.
Chief financial officer Brian Gilvary said this month the company could slash investments as much as 20 per cent this year. There have been few other details on the British company's plans.
The UK government has also urged companies to preserve jobs during the crisis. Chancellor of the Exchequer Rishi Sunak said last week he’d do “whatever it takes” to prop up businesses and workers.
Mr Looney said he made the promise in a live webcast to about 7,000 employees, from his apartment in London. BP has more than 70,000 staff in 79 countries, according to its 2019 annual report.
UAE currency: the story behind the money in your pockets
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%3Cp%3E%0D%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E6-cylinder%2C%204.8-litre%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E5-speed%20automatic%20and%20manual%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E280%20brake%20horsepower%20%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E451Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh153%2C00%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Directed: Smeep Kang
Produced: Soham Rockstar Entertainment; SKE Production
Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma
Rating: Two out of five stars
MATCH INFO
Barcelona 4 (Messi 23' pen, 45 1', 48', Busquets 85')
Celta Vigo 1 (Olaza 42')
The specs
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ASHES SCHEDULE
First Test
November 23-27 (The Gabba, Brisbane)
Second Test
December 2-6 (Adelaide Oval, Adelaide)
Third Test
December 14-18 (Waca Ground, Perth)
Fourth Test
December 26-30 (Melbourne Cricket Ground, Melbourne)
Fifth Test
January 4-8, 2018 (Sydney Cricket Ground, Sydney)
GAC GS8 Specs
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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