Bernard’s email today indicated a smaller and nimbler BP. I wonder when all this will happen. The last round of layoffs seemed to drag on for a long time.
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There's no doubt in my mind that this will all conclude before the end of this year so that there's no chance any of this will be carried over into 2021. I think they will need to tell you where you stand by end of 3Q. This company is carrying so much debt that it's staggering to consider. How many believe there could be a cut in dividend? I think that the BOD is too desperate to risk cutting the dividend. I also think there will be other major asset divestment later this year. I've always heard rumors that this company always considered refining and downstream to be the ugly step-sisters and that their dream is to become 100% E&P. Well, if they want to do that, they'll have no chance to make money considering that Bernard has stated that oil won't be worth much. Going carbon neutral? I'd love to know what his ideas are. I'm so glad to be a retiree, and yet I'm feel awful for my former colleagues for what will happen in the near future.
The company has remained the same no matter what marketing tactic they tried. Same DNA making same decisions.
BP never recovered from the “blow out”, worse company to be at.
Who are they promoting? FOBs! Friends of Bernie, of course. And every day there are a lot more “Bernardettes” rising through the ranks at all levels, if you know what I mean. I can’t wait for the activist ENGOs to find this weakness and exploit it. The headlines will be great.
https://www.reuters.com/article/us-bp-jobs-exclusive-idUSKBN22Y20E
Any cuts to BP USPL? God knows we need cuts at the top of USPL.
The way I read it they will centralize and eliminate redundant functions and personnel between divisions (HR, supply, IT etc) and go from there
BP seems more complicated now. I don’t see how this reorganization is simplifying anything.
Be happy your positive attitude helped your position last this long.
Good that few believe his previous communication - "no jobs would be lost due to COV-19 - for "90 days" - of course - they had not plan on how to manage an emergency - always the victims of circumstances - all those economic models can't tell them anything beyond the day they are published. Always speaking in riddles so that people remain confuse even longer. Watch out - those near retirement may never see their benefit vested. Confirming BP never intended to pay them.
He said June 8th we would learn more, but that all the management positions won’t be known until September. The “new org” will stand up Jan 1, so probably November for cuts.
June 8