Despite crash in oil prices, BP hiring activity is rebounding
On November 15, the price of WTI NYMEX crude oil futures opened at $56.02, marking a decrease of 27% from its recent high of $76.90 in October. In one day between November 12 and November 13, the price dropped nearly $5 a barrel.
At the same time as crude oil's slide from October to November, BP plc ($NYSE:BP), one of the ten largest oil companies in the world by revenue, saw its shares skid by $6. That brought it within $4 from a 52-week low, which was last seen in February and March.
This came while job openings at the company plunged back down to pre-summer levels. From mid-May to late August, the company steadily increased the number of listings on its careers website. Then, over the course of a single week in September, those gains were all but completely wiped.
It wasn't just a matter of removing fall internship postings; although the number of internships dropped from 14 on August 23 to 9 today, that only accounts for a mere 5 positions lost. In fact, engineering jobs, both for upstream and downstream sectors, were down for a time during the hiring freeze. Given the importance of petroleum engineers in keeping up with the supply and demand of crude oil, a dip in job listings for a company indicates that teams are at capacity for the current market.
However, since November 2, the number of engineer job openings at BP rebounded from 30 to 52 in two weeks time.
Furthermore, workers who reported to Glassdoor anonymously have grown increasingly confident in the company's outlook over the next six months.
Coupled with the uncertainty of Brexit, the drop in crude oil prices and reactions from OPEC countries threw oil and energy stocks into a flux. But with a rebound in job openings and an increasingly confident sentiment among employees, BP is far from running on fumes.