If someone really wants to turn this ship around they have to really cut deep and even get rid of the fat in the management. Most people in L48 leadership are garbage, I doubt if they will be touched. L48 has been bleeding even before the oil prices crash Wyoming, ETX just to mention a few should have been divested long ago.
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L48 message was delivered directly from Dave Lawler. I would expect BP main corporation to cut deeper than 10%. Also looks like Tuesday this message will be delivered to all of Upstream.
Yet we are hiring new engineers above the grade they should be for the experience they have.
10% feels way too less, L48 is way over staffed, they have always absorbed unwanted people or people from assets that were sold or phased out. Too many petrophysicist, Geo's, RE,DE and other fillers. Picking up rigs and activity doesn't make sense if these low prices are here to stay more longer than expected also mentioned by Bob Dudley recently. Did the main BP communicate this message to L48? I don't think we can weather the storm if these prices stay for a year plus more.
Email went out earlier this week that L48 will be cutting 10% by end of the month.