BP CEO Auchincloss last year vowed to reduce the British company's costs by at least $2 billion by the end of 2026 as part of his drive to boost returns amid investor concerns

BP Plc is cutting 4,700 positions internally and 3,000 contractor jobs, Chief Executive Officer Murray Auchincloss told staff on Thursday, as the London-based energy giant seeks to reduce costs.

U.K.-based oil company BP is cutting 4,700 jobs worldwide and a further 3,000 contractor roles as part of a cost-saving drive. In an email to staff on Thursday that has been seen by The Associated Press,

BP will cut over 5% of its global workforce as part of a strategy to reduce costs and rebuild investor confidence. CEO Murray Auchincloss aims to simplify operations and boost returns following the resignation of his predecessor.

BP ( BP) will eliminate 4,700 positions internally, ~5% of its workforce, and more than 3,000 contractor jobs, with more cost-cutting efforts planned for this year and beyond, the CEO said. The job cuts follow reviews of all of BP's ( BP) divisions, although the exact breakdown of the cuts was not disclosed.

BP announced on Thursday that it will cut around 4,700 staff, or over 5% of its total workforce, as part of CEO Murray Auchincloss' efforts to reduce

BP, which employs around 4,000 in Houston, will eliminate thousands of roles to cut costs, according to reports from Associated Press and Wall Street Journal.

Employees at the oil-and-gas giant were told of the job cuts Thursday via an email from Chief Executive Murray Auchincloss.

BP will cut over 5% of its global workforce, it said on Thursday, as part of CEO Murray Auchincloss' efforts to reduce costs and rebuild investor confidence in the energy giant. Around 4,700 employees and 3,