Plummeting oil prices have forced British Petroleum to announce another round of massive layoffs on Tuesday, bringing total projected job cuts to about 7000 employees by 2017.
BP’s fourth quarter earnings tumbled 91% because of the dramatic drop in crude oil prices. CEO Bob Dudley says that the company is doing all that it can to adapt to current economic conditions: “We are continuing to move rapidly to adapt and rebalance BP for the changing environment.”
BP plans to cut 4000 jobs in exploration and production as well as 3000 world wide jobs in marketing and refining.
The company will cut around 260 jobs in Alaska, eliminating about 13% of its workforce.