BP announced it will cut 10,000 jobs, mostly by the end of 2020, with the majority of people affected in office-based roles rather than frontline operational ones.
“These are tough decisions to make. But the impact – particularly on those leaving us – is much, much tougher. I understand this and I am sorry. But we must do the right thing for BP and this is that right thing,” Looney said in his email to employees.
BP also added its senior staff will not receive a pay rise through March 31, 2021, and that annual cash bonuses would be “very unlikely” for anyone this year.
Looney admitted that the COVID-19 pandemic has caused a widespread economic fallout affecting both BP and the wider industry.
“The oil price has plunged well below the level we need to turn a profit. We are spending much, much more than we make – I am talking millions of dollars, every day. And as a result, our net debt rose by $6 billion in the first quarter,” Looney stated.
There are now more than 7 million confirmed cases and more than 405,000 deaths worldwide, according to Johns Hopkins University.
