BP to cut jobs after profits fall

uscitizen

uscitizen

Villified User
BP to cut jobs after profits fall
BP's Texas City refinery
Two of BP's US refineries have been operating below capacity
The oil giant BP has said it will cut 5,000 jobs after reporting "very disappointing" profits after refining margins were squeezed and costs rose.

BP said the jobs were about 5% of its total global workforce, but declined to pinpoint where the cuts would be.

Replacement cost profits for the fourth quarter fell to $2.9bn (£1.4bn) from $3.8bn, sending annual profits to $17.29bn - marking a 22% fall on 2006.

The results and cost cutting measures come after a difficult year for BP.

Hard times?

Low points in BP's year have included receiving a $50m fine for the 2005 Texas City refinery explosion in which 15 people died.

This was part of a larger $373m fine by the US Department of Justice for committing environmental crimes and fraud, and included a fine for price manipulation.

http://news.bbc.co.uk/2/hi/business/7227714.stm
 
uscitizen said:
BP to cut jobs after profits fall
BP's Texas City refinery
Two of BP's US refineries have been operating below capacity
The oil giant BP has said it will cut 5,000 jobs after reporting "very disappointing" profits after refining margins were squeezed and costs rose.

BP said the jobs were about 5% of its total global workforce, but declined to pinpoint where the cuts would be.

Replacement cost profits for the fourth quarter fell to $2.9bn (£1.4bn) from $3.8bn, sending annual profits to $17.29bn - marking a 22% fall on 2006.

The results and cost cutting measures come after a difficult year for BP.

Hard times?

Low points in BP's year have included receiving a $50m fine for the 2005 Texas City refinery explosion in which 15 people died.

This was part of a larger $373m fine by the US Department of Justice for committing environmental crimes and fraud, and included a fine for price manipulation.

http://news.bbc.co.uk/2/hi/business/7227714.stm
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Are you an investor? Did you lose money?
 
But you said nope to my bad management post spinner.

Look at some of the reasons they cite in the article.
Fines for price manipulation, fines for safety violations resulting in deaths and a refinery shudown. , etc...
 
bp does have bad management, I was just pointing out that earnings can be down for other reasons. ie marathon being down.
 
uscitizen said:
Well 3 of the big 6 reported record profits.
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As demand for oil continues to go up, so should the dollar amounts of their profits. This whole record profit thing is funny. So many want to believe the oil companies are gouging us.... blah blah blah..... Their profit margins are similar to what they were 30 years ago. They are not making a higher percentage off of oil, they are simply producing and refining more of it to keep pace with demand.

Like any industry, you are going to have companies that possess good management and others that do not.

But I know... this is a favorite chant of the parrots on the left... good work polly.... ya wanna cracker now?
 
Superfreak said:
As demand for oil continues to go up, so should the dollar amounts of their profits. This whole record profit thing is funny. So many want to believe the oil companies are gouging us.... blah blah blah..... Their profit margins are similar to what they were 30 years ago. They are not making a higher percentage off of oil, they are simply producing and refining more of it to keep pace with demand.

Like any industry, you are going to have companies that possess good management and others that do not.

But I know... this is a favorite chant of the parrots on the left... good work polly.... ya wanna cracker now?
Click to expand...

I will wait till after you finish your bananna, chimp :)
.
 
Because I know you will be confused as to why that makes no sense....

1) A parrot repeats what they have been told, they are not very intelligent animals.

2) A chimp is one of the most intelligent animals

So the next time moveon.org gives you a retort, let them know it is funnier when you actually choose an animal that does not display high levels of intelligence.
 
uscitizen said:
Ohhh I must have hit a nerver there chimp lover.

3 posts in a row on it, How tobyesque :clink:
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Not at all. I thought it would take 3 posts for you to comprehend your stupidity. Apparently you understand now that you are a moron for parroting the latest "insult" assigned to you by moveon.org. Do you comprehend now why it was ignorant?
 
Moveon.org ? I have not been to that site in over a year. Get real dude, or finish your bannana whichever.

Where is my cracker anyway ?

btw the link was BBC....
 
uscitizen said:
Moveon.org ? I have not been to that site in over a year. Get real dude, or finish your bannana whichever.

Where is my cracker anyway ?

btw the link was BBC....
Click to expand...

Nice retort.... did moveon.org teach you that clever banter? Your cracker is in your avatar.
 
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