Layoffs, bankruptcies, and dividend cuts: We’re tracking how 20 energy giants from Shell to Exxon are responding to the collapse in oil prices

Reuters

What it is: A London-based supermajor and one of the largest energy companies in the world, involved in both upstream and downstream activities. 

Employment changes: BP is planning to trim its global workforce by about 15%, resulting in 10,000 or so layoffs. The majority of those cuts, which disproportionately affect senior office-based roles, will take place before the end of the year, the company said. BP did not share how the cuts would impact specific geographies or business units in response to a request for comment. 

Spending cuts: BP said it would cut its 2020 capital expenditure by about 25%, down to about $12 billion, according to a public statement earlier this year. As part of that, the company said it would slash around $1 billion from both upstream (oil exploration and production) and downstream (refining and petrochemicals) activities.

• On June 29, BP said it was selling its petrochemical business to Ineos, a UK-based chemicals company, in a deal worth $5 billion.

Other financial changes: In early August, BP announced it would cut its dividend in half as the company pivots to become an integrated energy company, shrinking its dependence on oil and gas. It’s the first time the company has reduced its dividend in a decade. 

Read more: BP just shared a huge strategy update after posting a $17 billion loss. See the 6 key slides that map out the oil giant’s future.