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January 12, 2016 --- Vol. 22, No. 5January 2016

BP plans Alaska job cuts

According to an internal BP email to employees, BP plans job cuts in Alaska as part of its worldwide move to cut 4,000 jobs in the company's upstream sector in response to the falling price of oil. The cuts will result in a 13 percent reduction in employees and agency contractors, the email says. All employees will know their employment status by the second quarter of 2016, with the majority of those impacted leaving the company by the middle of 2016.

The email says that currently cash generated from the company's Alaska business in insufficient to meet the needs of the company's Alaska investment, thus requiring the company to borrow funds from the BP Group. The email emphasizes that, while improving the company's cost base to maintain the long-term viability of the Prudhoe Bay region, the organizational changes will not compromise the safety of people or the oil infrastructure.

- ALAN BAILEY

See story in Jan. 17 issue, available online Friday, Jan. 15 at www.PetroleumNews.com

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