BGN Entrepreneur

The chief executive of BP painted a gloomy picture for shareholders of years of weak demand for oil and depressed refining margins.
According to Tony Hayward, which has shed 7500 employees in the past two years, wsa aming to cut costs to their levels of 2004 to improve profitability by more than $3 billion over the next three years. Cost savngs of $2.4 billion were made last year.
According to BP, it is said that the company had cut costs by $2 billion in its refining and sales to ensure that these operations broke even this year. BP’s efficiency drive gave it confidence that it could deliver further production growth beyond 2015.

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