courtesy BP

U.K.-based supermajor, BP, is planning to lay-off workers and will not rule out “small-scale asset sales”, as the company tries to rid as many as “four management layers” that sucked up earnings.

Chief executive Tony Howard said in a statement to staff Thursday that in future BP will become just two divisions from three: Exploration & Production and Refining and Marketing will stay and absorb most of Gas, Power & Renewables.

“Our problem is not about the strategy itself but about execution of it,” Howard said.

“Frontline operations will be strengthened”, he said, with the lay-offs to come from elsewhere in the company.