BP Plans to Cut Thousands From Global Work Force
The BP Whiting Refinery's heritage dates back to the 1880s. It has a production capacity of 430
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowBP PLC, which runs the massive Whiting Refinery in northwest Indiana, is planning to reduce its global work force. At least 4,000 jobs are set to be cut by next year as oil prices continue to slide. The company says the reductions involve the upstream business, which in the U.S. includes operations in the Gulf of Mexico, Alaska and onshore locations in the lower 48 states.
The cuts would represent more than 5 percent of the oil company’s upstream employees. The cuts are targeted at the oil production division and plans call for bringing the total segment headcount below 20,000 by year’s end. In a statement, the company says goals include measures to "simplify our business, improve efficiency and reduce costs without of course compromising safety which remains our number one priority."
At the end of 2013, the company marked the completion of a multi-year, more than $4 billion modernization effort that has allowed the Lake County refinery to process heavier crude from Canada. The project represents the largest private economic development investment in the state’s history.