BP is cutting oil exploration and production jobs and Alcoa, Inc., has posted a loss for the last quarter of 2015, mostly due to its smelter closures.
BP Cuts Jobs Due to Low Oil Prices
BP is cutting some 4,000 jobs in exploration and production over the next two years amid sharp drops in the price of crude.
The cuts in BP’s upstream business globally will include the loss of some 600 jobs in the North Sea.
The cost-cutting announced Tuesday comes as the price of oil dropped to a 12 year-low near $31 a barrel. Part of the decline is due to concern over a drop in demand in China, which is depressing commodity prices worldwide.
Alcoa Takes a Loss
Metals company Alcoa, Inc., on Monday reported a quarterly net loss after charges related to shuttering parts of its traditional smelting business.
The New York-based company has been curtailing smelting capacity as the industry endures tumbling prices amid rising trade tensions with China. Alcoa said last week it would close a plant in Evansville, Indiana, which would bring US aluminum output to its lowest level in more than 65 years.