BP to spend $1 billion in restructuring company
BP storage plant, Vietnam. Image: BP Flickr
BP have announced it will spend $1 billion (£640m) in restructuring costs. A spokesperson from BP confirmed to ELN the ‘the non-operating charges’ could be for things such as redundancies and closing offices.
The oil giant who presented their long term strategy plans to their investors, said it would incur the costs over the next five quarters. More details will be given at each quarter.
Group Chief Executive Bob Dudley said that the company had already completed more than $43 billion (£28m) of ‘divestment’. The goal is to make BP ‘stronger and more competitive’.
The company is downsizing the business as a result of oil prices that continue to fall.
Article source: http://www.energylivenews.com/2014/12/15/bp-to-spend-1-billion-in-restructuring-company/
