EMCC European Monitoring Centre on Change

BP

Company/Organisation:
BP

Geographic Location

Country: World
Location of affected unit(s): UK; U.S; Europe; rest of world

Company

Sector: Mining / quarrying
Mining and quarrying
06 - Extraction of crude petroleum and natural gas
Number Employed: 115000

Employment Effects

Announcement Date: 05-02-2008
Planned Job Reductions min: 5000
Planned Job Reductions max: 5000
Type of Restructuring: Internal restructuring

Additional Information

British Petroleum (BP), the multi-national producer of oil, has announced that it is to cut approximately 5,000 jobs at locations across the world. The announcement of the restructuring programme follows a decline in the group’s profits in the fourth quarter of 2007, and the job losses are intended to improve the competitiveness of the group. According to BP Chief Executive Tony Hayward, 30 per cent of the job losses will be in the UK, 30 per cent in the U.S., 20 per cent in Europe, and 10 per cent in the rest of the world. As of February 2008, it is unknown when the job losses will be implemented by and the precise locations that they will affect. BP employs 115,000 globally.