BP Alaska reports $85 million profit for 2016; no more layoffs planned

Pipelines lead to one of BP’s facilities on the North Slope. (Photo courtesy BP)

In an annual report released on Thursday, BP’s Alaska subsidiary reported a profit of $85 million in 2016. That’s compared to a $172 million loss in Alaska in 2015.

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As oil prices plunged, BP cut about 260 jobs in Alaska last year, which was about 13 percent of its workforce. But according to a BP spokesperson, the company is not planning any broad-scale layoffs this year.

The company currently employs about 1,700 workers in Alaska.

BP also reported a global profit of $115 million for 2016. That’s after a global loss of $6.5 billion for 2015, its worst loss ever.

Despite the profit, the British company also announced a significant cut to CEO Bob Dudley’s pay. Multiple national news outlets report this is because BP’s shareholders were unhappy that Dudley was set to receive a raise despite the record loss in 2015.

BP also reported it paid the State of Alaska $464 million in taxes in royalties in 2016, compared to $358 million in 2015.

Elizabeth Harball is a reporter with Alaska's Energy Desk, covering Alaska’s oil and gas industry and environmental policy. She is a contributor to the Energy Desk’s Midnight Oil podcast series. Before moving to Alaska in 2016, Harball worked at E&E News in Washington, D.C., where she covered federal and state climate change policy. Originally from Kalispell, Montana, Harball is a graduate of Columbia University Graduate School of Journalism.

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