BP Says It's Cutting 10,000 Jobs Due To The Pandemic

The video discusses the impact of the pandemic on the oil industry, focusing on BP's response. CEO Bernard Looney announced a 15% reduction in BP's global workforce, primarily affecting office jobs and senior positions. The company is also implementing a pay freeze for senior leaders and is unlikely to offer cash bonuses. BP plans to cut capital expenditures by 25% and aims to restructure to achieve net zero emissions by 2050.

What was the main reason for the oil company's decision to cut its workforce by 15%?

• Increase in oil prices

• New government regulations

• Financial losses due to the pandemic

• Expansion of the company

Which type of jobs will primarily be affected by the company's workforce reduction?

• Manufacturing jobs

• Office jobs

• Retail jobs

• Field jobs

What financial measure will the company not implement for senior leaders?

• Stock options

• Pay increase

• Health benefits

• Retirement plans

By what percentage did the company pledge to cut capital expenditures in 2020?

• 30%

• 25%

• 15%

• 10%

What is the company's long-term environmental goal?

• Reduce oil production

• Achieve net zero emissions by 2050

• Eliminate all carbon emissions by 2030

• Increase renewable energy investments