BP Won't Lay Off Employees Amid Coronavirus Cost-Cutting

By Maitane Sardon

BP PLC said Wednesday that it won't cut jobs or lay off employees as part of the measures it is implementing to reduce expenses and improve profitability during the coronavirus pandemic.

The British oil-and-gas company said the decision to not cut jobs will apply during the next three months.

"We simply do not want to add another burden during what is already an incredibly stressful time for individuals and families," said Chief Executive Bernard Looney.

The company said it will avoid layoffs as it announced that it expects results in the first quarter of this year to be hit by low commodity prices and current weak demand for fuels due to coronavirus restrictions.

Some other measures BP said it has taken to protect its workers include changing shift patterns to make social distancing easier, reducing nonessential activity and offering psychological support.

The company also said it has donated $2 million to the Covid-19 Solidarity Response Fund and is supplying free fuel to emergency-services vehicles and ambulances in some European countries.

Write to Maitane Sardon at [e-mail]

(END) Dow Jones Newswires

April 01, 2020 07:58 ET (11:58 GMT)

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