BP slashes jobs as profit falls 20pc
By Angela Monaghan
Last Updated: 2:15am GMT 06/02/2008
Oil giant BP is to cut 5,000 jobs by the middle of next year following a near 20pc fall in full-year profits for 2007, but is softening the blow with a fourth-quarter dividend rise of 31pc.
The tumble in profits follows poor production levels as BP failed to get oil out of the ground quick enough to take advantage of its soaring cost, as well as weaker refining margins.
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