BP to spend $1 billion in restructuring company

BP has announced it will spend $1 billion (£640m) in restructuring costs. A spokesperson from BP confirmed to ELN the ‘non-operating charges’ could be for things such as redundancies and […]

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By Taryn Nixon

BP has announced it will spend $1 billion (£640m) in restructuring costs. A spokesperson from BP confirmed to ELN the ‘non-operating charges’ could be for things such as redundancies and closing offices.

The oil giant which presented its long term strategy plans to investors, said it would incur the costs over the next five quarters. More details will be given at each quarter.

Group Chief Executive Bob Dudley said that the company had already completed more than $43 billion (£28m) of ‘divestment’. The goal is to make BP ‘stronger and more competitive’.

The company is downsizing the business as a result of oil prices that continue to fall.