The coronavirus pandemic has been a wild ride for the oil industry as it struggles to grapple with cratering demand for its main product. The biggest hits have been to small firms and middle-tier oil companies, but Big Oil is feeling the impacts, too.
In an email to staff on Monday that was also published on LinkedIn, BP CEO Bernard Looney announced the company would be laying off 10,000 workers. He called it part of some “tough decisions” but that “we must do the right thing for bp and this is that right thing.” (Yes, it’s technically lowercase “bp” because brands gonna brand.)
While Looney said the company will offer “substantial severance packages,” including job and job-seeking training, a laptop, and a vague hand-wave of an alumni network, the layoffs are a clear sign Big Oil is in big trouble.
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