BP faces hit of up to $17.5bn as it forecasts lower oil prices | BBC News

June 17, 2020June 15, 2020 ~ knjohn ~ Leave a comment

BP has forecast lower oil prices for decades to come as governments speed up plans to cut carbon emissions in the wake of the coronavirus pandemic.

It has cut price forecasts by about 30%, and expects Brent crude to average $55 a barrel from now until 2050.

As a result, the oil giant says it will revise down the value of its assets by between $13bn and $17.5bn (£13.8bn).

BP said it would have to become a “leaner, faster-moving and lower-cost organization”.

Last week, the firm announced plans to cut 10,000 jobs following a global slump in demand for oil.

BP shareholders reject CEO’s $20 million pay package | CNN Money

April 14, 2016 ~ knjohn ~ Leave a comment

Shareholders delivered a stinging rebuke to BP on Thursday by rejecting the oil company’s decision to give CEO Bob Dudley a 20% pay hike last year. About 59% of them voted against Dudley’s pay and benefits package — worth $19.6 million — at an annual meeting in London. But he will still get the money.

The bumper payout came despite an annual loss of $5.2 billion, a collapse in the group’s share price, and plans to shed 7,000 jobs by the end of 2017.

BP Slashes Spending, Braces For Oil Prices To Stay Low | Forbes

February 3, 2015 ~ knjohn ~ Leave a comment

Add BP to the list of oil companies slashing their spending in the wake of tumbling oil prices.

The company said Tuesday it was lowering its budget for exploration and production this year to $20 billion, down significantly from previous forecasts of $24 billion to $26 billion.

“We have now entered a new and challenging phase of low oil prices through the near and medium term,” said CEO Bob Dudley, adding that ”our focus must now be on resetting BP” and maintaining safe operations.