Houston-headquartered BP plans to cut 5 percent of its workforce—about 4,700 jobs—as part of a larger cost-cutting program. The company also intends to cut about 3,000 contractor positions. The oil and gas giant said in an internal memo sent to employees that the organization is aiming to reduce costs by at least $2 billion by the end of 2026.

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U.K.-based oil company is cutting 4,700 jobs worldwide and a further 3,000 contractor roles as part of a cost-saving drive.

BP Plc is eliminating 4,700 positions internally, about 5 per cent of its workforce, and more than 3,000 contractor jobs, CEO Murray Auchincloss told staff on Thursday, as the London-based energy giant seeks to reduce costs.