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BP expects $1bn restructuring charge over coming year | BP expects $1bn restructuring charge over coming year |
(35 minutes later) | |
Oil giant BP has said it expects to incur restructuring charges of about $1bn over the coming year. | |
The charges will be taken as part of BP efforts to simplify its business activities and corporate functions. | |
BP said it would also review its capital expenditure plans for 2015 in light of the oil price outlook. Oil prices have slumped since June. | |
The firm said it aimed to make its business "stronger and more competitive". | |
BP announced the charges as it laid out its long-term plans for its upstream oil and gas business. | BP announced the charges as it laid out its long-term plans for its upstream oil and gas business. |
BP Group chief executive Bob Dudley said: "We have already been working very hard over these past 18 months or so to right-size our organisation as a result of completing more than $43bn of divestments. | |
"We are clearly a more focused business now and, without diverting our attention from safety and reliability, our goal is to make BP even stronger and more competitive. | |
"The simplification work we have already done is serving us well as we face the tougher external environment. | |
"We continue to seek opportunities to eliminate duplication and stop unnecessary activity that is not fully aligned with the group's strategy." | |
Oil prices have slumped since the middle of the year as fears of oversupply have mounted. The price of Brent crude fell to $65.29 a barrel on Tuesday, the lowest level since September 2009. | |
Earlier this month, BP announced that it would accelerate plans to cut hundreds of back office jobs. | |
BP employs almost 84,000 people worldwide, including 15,000 in the UK. |
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