On Monday, BP Plc., the London-based multinational oil and gas company, widely contemplated as one of the seven oil and gas “supermajors” across the globe, had issued a statement saying that the British oil behemoth would butcher up to 15 per cent of its existing workforces as part of a response to the pandemic-led celibacy alongside the BP Plc.
Chief Executive Looney’s plan to bonking up more with the renewable energy industries. In point of fact, latest BP Plc. statement came forth days after a number of media headlines had reported that a havoc-scale job cut in the British oil and gas supermajor BP Plc., which had reported a revenue of $282.6 billion last year, would likely to take place in a near-term outlook.
Apart from that, followed by the statement of BP Plc., owner of the long-cherished subsidiaries such as Castrol, ARCO, Aral and a many more, London-listed shares’ prices of BP were up by 3.5 per cent on midday UK trading hour yesterday, but had wrapped up the day 1.5 per cent higher to £366.33 per share.
However, during preparation of the report, on the 9th of June, morning UK trading hours, BP Plc. stocks were trading 1.7 per cent lower to £359.80.
BP Plc. likely to trim most of the workforce by end-2020
Meanwhile, speaking in a global online call, the BP Plc.
Chief Executive Looney was quoted saying to the employees that the London-based oil mogul, employing over 70,000 workers to date, would slash roughly a seventh of its jobs mostly by the end of the year as part of a measure to cut expenses, adding “We will now begin a process that will see close to 10,000 people leaving BP – most by the end of this year”.
Nonetheless, the company had also added at its statement that the job cuts would mostly impact the senior officials with desk jobs, leaving the front-line operational staffs unaffected.