BP continues to struggle, lagging all competitors with horrible financials and is now planning to fire quite a few staff. This won't help the already very difficult job market for unemployed oil and gas workers.
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BP (and Shell) still have large company owned retail operations. Of the 87K employees ~60K work in customers & products which includes retail.
Probably equivalent number to Chevron is about 30-35K.
BP is in free fall. They have TWICE as many employees as Chevron (90k vs 45k), produce 1/3 less oil and gas, and have income equal to less than 1% of revenue vs nearly 10% for CVX. They are doomed.
Is bp really in this much financial ruin or does corporate greed got them wanting to reward shareholders at the expense of workers? We're seeing outsourcing as a trend of lately, even for highly profitable companies. If this trend continues, there's going to be no middle class jobs left in the USA. Write to your congressman and djt. The economy will su-k if the middle class is erased and income disparity widened. Somebody has got to do something while it's happenening before it worsens beyond repair.
I started my career with BP and when they moved me back to US from overseas, and offered only Alaska, during a down oil market, I left and got my MBA. Glad I did. With BP, and generally same with all companies, if you don’t have the right passport you hit a glass ceiling, like I did.
BP is struggling because upper management wants risk free investments. No dry holes. I don't think that investment philosophy is working out too well.
Monkey see monkey do
Funny how they also were mentioning their new tech center in India would help with their costs but smaller than CVX. Nothing gives me more confidence in CVX than them acting like BP!
Gonna be a good market for consultants and contractors, once ur becomes obvious the cuts are wishful thinking and too deep. As always…
Clues keep coming. Along with their $ target (which we already mentioned) they mention a specific number of employees, my guess is that similar messaging will come from Chevron prior to our 1/31 earnings call.