BP's chief said it costs about $22 billion a year to run BP, and more than one-third of that budget is allocated to personnel.
"The oil price has plunged well below the level we need to turn a profit," he said in a memo published on LinkedIn. "We are spending much, much more than we make — I am talking millions of dollars, every day."and most will take place before the end of the year. The company also said it's lifting a freeze on pay increases and promotions, but that it won't pay bonuses this year.
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