BP has announced plans to cut 7,000 jobs after the company reported huge losses for the year ended 2015.
The company posted an annual loss of $5.2 billion, compared with a profit of $8.1 billion in 2014.
Most of the company’s losses were not related to falling oil prices, but rather fallout from the 2010 Gulf of Mexico disaster.
Stripping out one-off charges, profits dropped by 50% to $5.9 billion.
Earnings at the European oil company were worst than expected, causing shares in BP to drop by nearly 9% in London.
The company says it will cut 7,000 jobs by the end of 2017 or 3,000 more positions than it was expecting to shed just three weeks ago.
The company took a hit in the 4th quarter because of restructuring charges and write-downs in its oil and gas exploration and production businesses.
BP took charges of $12 billion related to the Gulf of Mexico oil spill in 2015. BP has now paid $55.5 billion to deal with the oil spill.