BP cost cutting – where will it all lead?
BP posted record annual profits for last year of $34.3bn, up from $31.6bn in 2007, as it benefited from the high oil prices in early 2008. Chief executive Tony Hayward has said the company’s cash flow would break even if the oil price averages at $60 a barrel this year. BP will pay a quarterly dividend of 14 cents a share, up from 13.5 cents last year (that’s nearly a 4% rise to shareholders – ed).
Tony Hayward – BP chief executive said:
“We think the current turmoil may in fact create opportunities for us and we will look at those very closely”. October 2008
“We have made good progress in slimming and simplifying the organisation while at the same time strengthening the front line, but we’re not being complacent.” "In the current climate we especially need to maintain the momentum we have established in the drive to make BP more efficient. The mantra in BP today is: ‘Every dollar counts, every seat counts.’ " February 2009