By Rory Gallivan
LONDON-- BP PLC expects to book $1 billion in restructuring
charges over the next year as it simplifies its operations and
corporate activities.
The oil major on Wednesday said it would incur the costs over
the next five quarters, including the current quarter, as part of a
wider group-wide program to simplify its upstream and downstream
activities and corporate functions.
The company said details of the charges and further guidance on
the program would be given with each quarter's results.
"The simplification work we have already done is serving us well
as we face the tougher external environment," Chief Executive Bob
Dudley said. "We continue to seek opportunities to eliminate
duplication and stop unnecessary activity that is not fully aligned
with the group's strategy."
Write to Rory Gallivan at rory.gallivan@wsj.com
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