Gilvary Has said that we will have a difficult year ahead of us. Mid level supervisors are being let go already, hundreds... We have 10,000 people here in Houston, if they go with a 10 percent reduction that is a thousand families affected. Our competitors are doing the same.
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Maybe this will give BP a chance to unload some the redundant management within the PSCM areas. It may have become too costly to continue to dress up these clowns in a tight market.
Many wells will soon not be profitable, if prices continue to drop 1/3 of the company will become redundant. BP is slow to move but when we move things become painful.
Exxon is cutting as well right now