Receive our newsletter – data, insights and analysis delivered to you
  1. Uncategorised
April 1, 2020

BP latest company to announce spending cuts

By Matthew Farmer

UK-based oil and gas giant BP has announced plans to make spending cuts to reinforce its finances. It is the latest in a long line of companies to do so.

It will reduce capital expenditure by 25%, down to $12bn. It will also cut $2.5bn from operating costs.

CEO Bernard Looney said the economic impact of coronavirus will affect BP’s first quarter results. However, planned business sales will still go ahead, and the company has assets to help it through.

He said: “This may be the most brutal environment for oil and gas businesses in decades, but I am confident that we will come through it – we know what to do and we have done so before.”

In the same statement, Looney spoke of the safety measures the company was taking to help its staff, and the ways it was helping those affected by the Covid-19 pandemic.

Yesterday, Polarcus also announced cuts to capital expenditure equal to $7m.

Content from our partners
How the North of Tyne region is leveraging its legacy to define its future
Q&A with Chevron Lubricants’ Paul Sly, global industrial OEM specialist, and Nathan Knotts, global brand technical manager
The important role of antifoam agents in oil-gas separation and amine treating

Related Companies

Topics in this article:
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy