crude fell the last quarter from around $77 a barrel to $44, a 43%
fall, but the BP results
have also been hit by other factors.
the problems, analysts at Barclays
BP was already doing well to cut its costs and could easily further
trim them if the price of oil, currently at $34, were to remain close
could respond by reducing [capital expenditure] by a further 20% to
$14bn, which would allow management to balance the books by 2018 with
the current level of dividend maintained,” said Barclays in an
said it was aware of the forecasts but declined to comment further.
Shell, which reports its fourth-quarter results on Thursday, warned
in a trading statement last
week that its underlying profits could be halved.
about the damage being done to Britain’s oil and gas industry has
led the British prime minister, David Cameron, to pledge
£250m to Aberdeen.
About 70,000 jobs direct and indirect jobs have been lost around the
UK due to the crude price slump.
has already promised to cut 10,500 more jobs worldwide once the BG
deal is consummated on 15 February. Some job cuts could come in