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

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.

BP is to cut nearly 8,000 jobs as tough net zero rules pile pressure on oil and gas companies. The company will cut 4,700 jobs across its 90,000-strong global workforce and 3,000 contractor roles as part of the move.

British energy giant BP on Thursday said it would axe 4,700 staff jobs, or about five percent of its workforce, and is cutting thousands of contractor roles to reduce costs.

Oil giant BP has announced it will cut 4,700 jobs across its global workforce and 3,000 contractor roles as part of a cost-saving drive.

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 costs.

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.

London-based energy firm BP plan to cut its global workforce by just over five per cent, resulting in 4,700 job losses. The oil giant will also remove 3,000 contractor positions, reports Reuters, having seen an internal memo letting staff know of the upcoming changes.

BP shares rose by 1.6% to 429.90p as of 11:05 a.m. in London, outperforming most European energy peers of the Stoxx Europe 600 Energy Index, which rose 0.2%.

BP is set to reduce over 5% of its global workforce, impacting 4,700 employees and 3,000 contractor roles. The cost-cutting initiative aims to save at least $2 billion by 2026 and restore investor confidence following the abrupt resignation of former CEO Bernard Looney.