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BP Plans to Reduce Workforce in Chicago & Illinois Area

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BP plc. (BP - Free Report) informed the Chicago and the State Illinois based officials that it decided to downsize its workforce by dismissing more than 250 paid employees, per Reuters.

The U.S. Pipelines and Logistics office of the integrated energy giant is based in Chicago, providing transportation and delivery services for its businesses and third parties throughout America. The technology campus of the company is based in the nearby suburb of Naperville, IL.

In June, the company announced plans to slash about 15% or as many as 10,000 jobs with a workforce of around 70,000 people as the oil demand hits its lowest levels amid the coronavirus pandemic. However, only 2,500 laborers reportedly opted for voluntary severance packages last month provided by the company. The remaining 7,500 will get fired, added Reuters.

Currently, the oil giant is revising the organizational framework at its Whiting oil refinery, the company’s largest refinery residing 45 kilometers southeast of Chicago, since the oil industry is experiencing one of the biggest crisis, with a slump in fuel demand as well as oil prices due to the pandemic and pressure from investors to combat climatic fluctuations.

Company Profile & Price Performance

Headquartered in London, UK, BP is a fully integrated energy company. It is also having a strong focus on renewable energy. The company’s shares have underperformed the industry in the past six months. BP’s stock has lost 16.5% compared with the industry’s 4.2% decline.



Zacks Rank & Stocks to Consider

BP currently carries a Zack Rank #3 (Hold).

Some better-ranked players in the energy space are HighPoint Resource Corporation (HPR - Free Report) and Sprague Resources LP (SRLP - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy), and CNOOC Limited (CEO - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

In the past 60 days, the Zacks Consensus Estimate for HighPoint Resource’s 2020 earnings has been raised by 17.2%, while Sprague Resources’ 2020 earnings have been raised by 54%.

CNOOC is likely to see earnings growth of 41% next year.

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