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BP CEO Vows 'No Layoffs' in Near-Term; Trims 2020 Capex by 25%
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BP plc has reported an update on its operations in response to the COVID-19 pandemic and market disruptions related to oil prices.
The company outlined several cost cutting strategies for 2020, but in a departure from what numerous other E&Ps are doing, the plan does not include workforce layoffs.
No Layoffs from Virus-Related Cost CutsChief executive Bernard Looney said: “Job security is a big worry at this time, so we have taken the decision that for the next three months no BP employees will be laid off as a result of virus-related cost cutting. We simply do not want to add another burden during what is already an incredibly stressful time for individuals and families."
Cost Cutting Strategy for 2020Instead of layoffs, BP reported that it will be achieving lower operating costs…
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