Baku – APA-Economics. BP will on Tuesday unveil plans to slash billions of pounds off its capital spending programme in a bid to counter the impact of plunging oil prices and a 40% fall in its fourth quarter profits, the guardian reported.
The company, which has already cut hundreds of jobs in Aberdeen and thousands around the world, is expected to announce spending reductions of over 10% bringing the official target below $22bn (£15bn) for 2015.
BP said in December that it was taking a $1bn charge to pay for restructuring – almost all for job cuts – and has since made local announcements about new staffing levels in Houston, Trinidad and Azerbaijan.
The latest cost-reductions come as BP is expected to report profits of around $1.5bn for the last three months of its financial year. Peers such as Shell will reduce expenditure by $15bn over the next three years, Chevron is to cut 13% of spending to $35bn after reporting a 30% plunge in final quarter earnings, while ConocoPhillips slashed its capital expenditure by 33% to $11.5bn.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
