BP is planning to cut up to 3,000 downstream positions by the end of 2017 and 4,000 staff and contractor roles in its upstream segment this year as the British firm copes with the oil market downturn. BP on Tuesday reported its profits fell 50% in 2015 and it lost $2.2 billion in the fourth quarter.
Company CEO Bob Dudley said in a statement BP was making “good progress” in cutting costs and reducing spending. It lowered controllable cash costs by $3.4 billion in 2015 and expects to bring that number to $7 billion by 2017. BP has also completed a $10 billion divestment program and it expects to sell off $3-5 billion in assets this year.
More than 250,000 upstream jobs have been cut worldwide since crude prices began their descent in the fall of 2014.
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