Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list

Oil major BP slashes more jobs to reinforce efficiency gains

Commodities | Energy | Oil | Refined Products | Jet Fuel | Coronavirus

Green shoots for jet fuel in sight at the IATA conference


Platts Market Data – Oil

Capital Markets | Commodities | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Jet Fuel | Naphtha | Marine Fuels | Equities | Financial Services | Banking | Non-banks | Private Markets

North American Crude Oil Summit, 3rd annual

Oil | Crude Oil | Gasoline | Shipping | Tankers

Iranian gasoline arrives in fuel-starved Venezuela, three more tankers en route

Oil major BP slashes more jobs to reinforce efficiency gains

London — BP will cut 3% of jobs in its upstream unit this year, amounting to more than 500 positions, it said Tuesday as it pursues further efficiency gains following job losses across the industry.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

In a statement the UK major said the cuts would occur across its global upstream business, which employs around 18,000 people, and mainly through "natural attrition," meaning staff retirement or redeployment to other parts of the business.

The BP cuts are "aimed at further improving the efficiency and competitiveness of its organization," the company said. "This is part of the ongoing process across BP to modernize its business to adopt more efficient ways of working and also to further simplify its organization and increase efficiency."

CEO Bob Dudley said last month he was not going to "plan the company" on the basis of recently higher oil prices, saying he regarded $75/b as "off the highway."

BP faces a struggle to reduce one of the highest levels of indebtedness among the publicly listed oil and gas majors, despite strong first-quarter financial results.

It has saved money through some big asset sales, particularly in its North Sea heartland, where it sold operating stakes in the Sullom Voe terminal and Forties pipeline last year, and separated off its Norwegian assets into an upstream joint venture, Aker BP, in 2016.

--Nick Coleman,
--Edited by Jonathan Fox,