About: http://data.cimple.eu/news-article/e9fb981a47b4dcd95cd5e2b06a30178019a1b2b88b0273fe8e394fd6

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About: http://data.cimple.eu/news-article/e9fb981a47b4dcd95cd5e2b06a30178019a1b2b88b0273fe8e394fd6 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	British energy giant BP on Monday announced plans to axe "close to 10,000" jobs, or almost 15 percent of its global workforce, after the coronavirus pandemic slashed demand for oil. "We will now begin a process that will see close to 10,000 people leaving BP -- most by the end of this year," chief executive Bernard Looney said in a staff email seen by media. He went on to say that oil prices had plunged "well below the level" the group needed "to turn a profit". After companies worldwide closed their doors and airlines grounded planes towards the end of the first quarter, oil dropped off a cliff, causing prices to briefly turn negative. Prices have however rebounded sharply in recent weeks as governments ease lockdowns and businesses slowly reopen. "It was always part of the plan to make BP a leaner, faster-moving and lower carbon company," said the email from Looney, who recently took over as the group's CEO. "Then the COVID-19 pandemic took hold... 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," he added. The majority of job cuts will come from office staff. "We are protecting the frontline of the company and, as always, prioritizing safe and reliable operations," Looney said. BP will scrap pay rises for its senior staff this year and likely do away with cash bonuses, he added, The company slumped into a $4.4-billion net loss in the first quarter, during which time Bob Dudley stepped down as group CEO after a decade at the helm. Soon after starting, Irish national Looney set BP a target to achieve "net zero" carbon emissions by 2050. bcp/bmm
schema:headline	British oil giant BP to cut 10,000 jobs
schema:mentions	Axe BP Greenhouse gas Chief executive officer Pandemic United Kingdom Coronavirus disease 2019 Bob Dudley British Energy Bernard Looney Carbon dioxide equivalent
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-06-08 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	61 (xsd:integer)

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