Business

BP Announces 4,000 More Job Cuts As Oil Prices Plunge

The British company employs nearly 6,000 people in Greater Houston.

Listen

To embed this piece of audio in your site, please use this code:

<iframe src="https://embed.hpm.io/140108/133801" style="height: 115px; width: 100%;"></iframe>
X

BP says it will cut some 4,000 oil exploration and production jobs worldwide by 2017. The layoffs will include both direct employees and contractors.

As yet, the company is not providing a breakdown of where or how many jobs it will eliminate from U.S. operations. It employs nearly 6,000 people in Greater Houston.

The announcement came as the price of crude oil dropped to roughly $30 a barrel in U.S. trading, its lowest level since December 2003. Part of the decline is due to concern over a drop in demand in China, which is depressing commodity prices worldwide.

Subscribe to Today in Houston

Fill out the form below to subscribe our new daily editorial newsletter from the HPM Newsroom.

* required

Share

Andrew Schneider

Andrew Schneider

Politics and Government Reporter

Andrew heads Houston Public Media’s coverage of national, state, and local elections. He also reports on major policy issues before the Texas Legislature and county and city governments across Greater Houston. Before taking up his current post, Andrew spent five years as Houston Public Media’s business reporter, covering the oil...

More Information