British Petroleum has some major cost-cutting to do. Thanks to a plunging crude price, oil and gas companies such as Chevron, ConocoPhillips and Statoil have seen a slump in earnings, forcing them to cut down on expenditure and the story is no different for BP. After already cutting hundreds of jobs in Aberdeen and at many more locations around the world, BP is expected to slash billions off its capital expenditure program. These measures have come on the heels of the company’s upstream operations showing a fall in earnings by 73% as compared with last year and its full-year profit crashing to $9.3 billion from $23.4 billion a year earlier. Looks like the upstream industry is not so upbeat anymore.
Photo Feature
Slash and burn
After cutting hundreds of jobs in Aberdeen, BP is expected to slash billions off its capital expenditure program
Editor's Pick
Most Popular
Summer wine and salad
Kishore Singh - January 19, 2015
A double topping for growth
Meghna Maiti - January 15, 2015
Scriptures for success
Kripa Mahalingam - January 27, 2015
Decoupage goes digital
Kishore Singh - January 27, 2015
The million-dollar question: Is investing a game of luck or skill?
Shankar Sharma - May 04, 2021