HOME PAGE SUBSCRIPTIONS, Print Editions, Newsletter PRODUCTS READ THE PETROLEUM NEWS ARCHIVE! ADVERTISING INFORMATION EVENTS MINING NEWS

Providing coverage of Alaska and northern Canada's oil and gas industry
February 2016

Vol. 21, No. 6 Week of February 07, 2016

BP reports $5.2 billion loss, more job cuts

BP has announced that it incurred a $5.2-billion loss in 2015 and that it is cutting 7,000 jobs worldwide in response to the plunge in the price of oil. The job loss announcement, which came in conjunction the company’s report on its 2015 results, included the job reduction of 4,000 that the company announced in January. The company says that while those original 4,000 job losses are in the upstream sector, the additional 3,000 job losses are in the downstream sector - apparently these additional losses will not apply to Alaska.

In January BP said that the job losses in Alaska would result in a 13 percent reduction in employees and agency contractors.

In announcing its results, BP said that it had actually made an operating profit of $5.9 billion in 2015. However, an adjustment for non-operating items led to the overall loss figure. Dominating the non-operating items for 2015 was $11.9 billion in costs relating to the Deepwater Horizon disaster in the Gulf of Mexico.

- ALAN BAILEY






Petroleum News - Phone: 1-907 522-9469 - Fax: 1-907 522-9583
circulation@PetroleumNews.com --- http://www.petroleumnews.com ---
S U B S C R I B E

Copyright Petroleum Newspapers of Alaska, LLC (Petroleum News)(PNA)©2013 All rights reserved. The content of this article and web site may not be copied, replaced, distributed, published, displayed or transferred in any form or by any means except with the prior written permission of Petroleum Newspapers of Alaska, LLC (Petroleum News)(PNA). Copyright infringement is a violation of federal law subject to criminal and civil penalties.