Confirming the job losses, the FTSE 100 company said the reduction in its workforce was down to cost cutting measures.

British energy giant BP says it will axe 4700 staff jobs, about 5% of its workforce, and is cutting thousands of contractor roles to reduce costs. The move is part of a “multi-year programme to simplify” the group and improve performance,

BP will cut over 5% of its global workforce, it said yesterday, as part of CEO Murray Auchincloss’ efforts to reduce costs and rebuild investor confidence in the

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

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

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.

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