Thread regarding BP PLC layoffs

@an you and your salary…will figure prominently in cost savings

One of the best? We’re not even top 10 anymore, bro get a dose of reality!

Exploration geologists, petroleum systems, petrophyscists, and the subsurface engineers aren't project managers after 5 years and can't just be replaced with rig hands, it's completely different work (with the exception of some petrophysics). Saying you are okay with projects being millions over budget because are unwilling to pay employees thousands more is why many good staff left or leaving to other companies for significant raises. Yes they are replaced, but at what cost? Some of the replacements are absolutely clueless as well. Just because we replaced a terrible CEO doesn't mean that's the same thing as losing a bunch of H-F workers who are choosing to leave rather than forced out and thinking a new challenger will solve everything.

You all realize the timing of this press release was strategic? Think about what is happening tomorrow. I would love to hear a reporter ask how realistic it is that this Brazil discovery will actually progress to production.

$38 a share by end of month, been here long enough to feel the momentum. Today’s 2.33% jump is just a sneak peek. Everyone is replaceable anytime anywhere, including the past CEO. What makes people think that they are irreplaceable, it may be one or two wells that go over budget by a lot, but the forecasting on this is already built into the cash flow. It’s your behavior and team skills that matter in any organization, to think your technical skills are unique at a normal salary is just naive. Once you are more than 5 years at an operator you are a project manager, basically a bridge that a service company employee is doing the actual work. we could easily hire a motivated HAL / SLB or BHI or Rig engineer at half the cost and let them thrive with better results than toxic attitudes. Most of the folks commenting don’t even work at bp, were fired or never could get in.

@ax the fourth sentence of the press release is hardly ‘buried’.

@bb so something larger than Mopane is not significant?

Are the people they need to move stuff forward even in the company anymore? Houston lost a lot of great talent last 4 years to retirement and other companies and that might not be noticeable in a Sunbury town hall. A lot of the people who with the needed experiences BP should have tried keep they let walk out the door under the mantra "everyone is replaceable."

@ax Laughable and pathetic indeed...why announce the "biggest find..." but not even the a guestimate or hint of reserves. This probably is to distract from the upcoming results announcements.

lol celebrating these discoveries - too little too late. They are 10 years out from first oil, so what do we bridge the gap to 2030-2035 with?

Not to mention, our headline about Brazil? Buried in that press release is “significant levels of carbon dioxide”. That has made other operators find the basin non economic. But bp probably naively thinks we can do it better than them.

We are laughable.

@a6 what's your source for another 5B cost savings?

Interested to hear what others think as well.

I think we may survive this round aka this next few months, but it doesn’t change our long term project next 3-5 years. All of our competitors are reducing cost too, our competitive advantage is eroding and we will inevitably shed a lot of values along the way in the form of divestment and disciplined management.

They've announced another 5B cost savings so good luck to anyone who survived the first wave...