- Associated Press - Monday, January 26, 2015

HOUSTON (AP) - BP says it will freeze pay for most of its employees in 2015 as oil companies look for ways to cut costs amid falling oil prices.

Prices have fallen by nearly half in just six months, with major benchmarks trading below $50 a barrel.

The Houston Chronicle reports (https://bit.ly/1tha9dr) that the announcement was made Monday in an internal message.

BP spokesman Brett Clanton said in a statement Monday that it was a “prudent response” to a challenging market environment.

The newspaper reported that BP said in December it expected to take a $1 billion restructuring charge this year because of job cuts and pared back oil production.

According to its last annual report, BP employs 83,900 workers, including about 20,000 in the U.S.

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