BP to Cut 4,000 Jobs as Oil Prices Continue to Fall
- 8 years ago
The persistent plunge in oil prices has translated into a new round of industry job cuts.
Jonathan French, a Shell spokesman, said that if his company's acquisition of the BG Group , a producer of oil and natural gas based in Reading, England, is completed in the coming weeks as expected, an additional 2,800 jobs would most likely be eliminated across the two companies.
Some analysts expect the price slide to continue as there is no sign that perceptions of oversupply will ease and because of factors like the rise of the dollar, which puts pressure on the prices of commodities, including oil.
BP has sought to reduce the size of its staff in recent years as a response to lower oil and gas prices, as well as to the sales of oil and gas fields and other assets to raise money after its Gulf of Mexico spill in 2010 .
Jonathan French, a Shell spokesman, said that if his company's acquisition of the BG Group , a producer of oil and natural gas based in Reading, England, is completed in the coming weeks as expected, an additional 2,800 jobs would most likely be eliminated across the two companies.
Some analysts expect the price slide to continue as there is no sign that perceptions of oversupply will ease and because of factors like the rise of the dollar, which puts pressure on the prices of commodities, including oil.
BP has sought to reduce the size of its staff in recent years as a response to lower oil and gas prices, as well as to the sales of oil and gas fields and other assets to raise money after its Gulf of Mexico spill in 2010 .