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BP Freezes Employee Pay in Response to Oil Price Slump

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BP Plc, Europe’s third-largest oil company by market value, will freeze employee pay in the latest example of cost cuts as the world’s top oil companies respond to plunging crude.

The company “needs to take a number of measures in response to the harsh trading environment,” Chief Executive Officer Bob Dudley said in a memo to staff Monday. “One of the measures we are taking is a general freeze to base pay for 2015, with only a few exceptions.”