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.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.