From Reuters via Yahoo:

“Nothing escapes the winds of change now sweeping through BP, not even the exploration team that for more than a century powered its profits by discovering billions of barrels of oil.

“Its geologists, engineers and scientists have been cut to less than 100 from a peak of more than 700 a few years ago, company sources told Reuters, part of a climate change-driven overhaul triggered last year by CEO Bernard Looney.”

It’s about time BP found its inner Looney.

“Hundreds have left the oil exploration team in recent months, either transferred to help develop new low-carbon activities or laid off, current and former employees said.

“The exodus is the starkest sign yet from inside the company of its rapid shift away from oil and gas, which will nevertheless be its main source of cash to finance a switch to renewables for at least the next decade.”

What’s interesting is that these layoffs were not publicly disclosed. Maybe a valiant attempt to keep the share price from crashing further?

Not out of the BP woods yet though:

“The 50-year-old, a veteran oil engineer who previously headed the oil and gas exploration and production division, aims to cut output by 1 million barrels per day, or 40%, over the next decade while growing renewable energy output 20 fold.

“Despite the changes, oil and gas will remain BP's main source of revenue until at least 2030.”

My prediction is that BP’s oil and gas extraction will tail off much quicker than that, and it remains to see whether their renewable energy push goes anywhere except straight down the loo. Given how long they dragged the chain on this transition, I don’t give a flying fuck whether they survive to live another day.

[Cover photo by Zbynek Burival on Unsplash]