Oil companies including Royal Dutch Shell and Chevron have already slashed tens of thousands jobs globally to deal with a near 75 percent drop in oil prices since June 2014 that has seen earnings collapse.
BP, which must also pay $20 billion in fines to resolve the deadly 2010 Gulf of Mexico spill, announced in October plans for a third round of spending cuts and said it would limit capital spending, or capex, to $17-19 billion a year through to 2017.
The company, which has already sold over $50 billion of assets in recent years in order to cover the spill costs, said it expected an additional $3-5 billion of divestments in 2016.
Fourth-quarter upstream earnings for oil majors are expected to fall by 84 percent from a year earlier and 48 percent from the previous quarter, according to analysts at Macquarie.
BP will report fourth quarter and full-year results for 2015 on Feb. 2.