CEO says it costs around US$22 bil a year to run BP but 'net debt rose by US$6 bil in the first quarter'. FMTNews BP London
LONDON: British energy giant BP on Monday announced plans to axe “close to 10,000” jobs, or almost 15% of its global workforce after the coronavirus pandemic slashed demand for oil.
After companies worldwide closed their doors and airlines grounded planes towards the end of the first quarter, oil dropped off a cliff, causing prices to briefly turn negative. “Then the Covid-19 pandemic took hold… The oil price has plunged well below the level we need to turn a profit. The company slumped into a US$4.4-billion net loss in the first quarter, during which time Bob Dudley stepped down as group CEO after a decade at the helm.
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