Interesting to see that BP is cutting 10,000 jobs - SH still got a dividend though, ouch. Given restructuring and moves towards greener tech, COVID might be seen as an excuse for companies to lose staff that didn't fit the LT plan. Then again, large companies often seem to view staff as a safety valve when times get tough.
From an article . . . BP is also scrambling to slash capital expenditure on projects such as new rigs by 25pc this year – a reduction of nearly $3bn. . . It looks like Worley's move towards more LT projects really has come at a good time - also good for PWN, it's hard to see how mutually lucrative LT contracts with an environmental edge won't be attractive to both client and contractor.
Cheers
PWN Price at posting:
0.8¢ Sentiment: None Disclosure: Held
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