Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » BP expects $1bn restructuring charge over coming year

    BP expects $1bn restructuring charge over coming year

    December 12, 2014
    Share
    Facebook Twitter LinkedIn WhatsApp

    12 December 2014, Lagos – Oil giant BP has said it expects to incur restructuring charges of about $1billion over the coming year.

    The charges will be taken as part of BP efforts to simplify its business activities and corporate functions.

    BP said it would also review its capital expenditure plans for next year in light of the oil price outlook. Oil prices have slumped since June.

    The firm said it aimed to make its business “stronger and more competitive”.

    BP announced the charges as it laid out its long-term plans for its upstream oil and gas business.

    BP Group chief executive Bob Dudley said: “We have already been working very hard over these past 18 months or so to right-size our organisation as a result of completing more than $43billion of divestments.

    “We are clearly a more focused business now and, without diverting our attention from safety and reliability, our goal is to make BP even stronger and more competitive.

    “The simplification work we have already done is serving us well as we face the tougher external environment.

    “We continue to seek opportunities to eliminate duplication and stop unnecessary activity that is not fully aligned with the group’s strategy.

    Oil prices have slumped since the middle of the year as fears of oversupply have mounted. The price of Brent crude fell to $65.29 a barrel on Tuesday, the lowest level since September 2009.

     

     

    Related News

    Oil prices tumble following Trump touted Iran-Israel ceasefire

    Tinubu support for Dangote’s plan to reshape downstream sector

    BP and others pulling staff from Iraq oilfields, output steady

    E-book
    Resilience Exhibition

    Latest News

    Tinubu wants Africa to shift from raw materials exports to industrialization

    June 24, 2025

    Italian regulator fines Eni & Novamont €32m for market abuse

    June 24, 2025

    Rivers Administrator endorses tech path for naval security

    June 24, 2025

    LNG freight rates hit 8-mth top on tight tanker availability, Mideast conflict

    June 24, 2025

    Oil prices tumble following Trump touted Iran-Israel ceasefire

    June 24, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.