March 13, 2020 / 6:26 PM / in 3 months

BP looks at lowering spending after oil price crash

FILE PHOTO: BP's logo at a petrol station in Kloten, Switzerland, October 3, 2017. REUTERS/Arnd Wiegmann/File Photo

LONDON (Reuters) - BP is “making interventions” to reduce capital and operational spending in the wake of the recent collapse in oil prices, Chief Executive Bernard Looney said in a statement on Friday.

In response to the coronavirus spread, BP employees were instructed to work from home, with the exception of critical operations, and the company will hold no large meetings and restrict travel, Looney, who took office a month ago, said on LinkedIn.

BP employs 73,000 people.

Reporting by Ron Bousso, writing by Shadia Nasralla

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