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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The move, aimed at rebuilding investor confidence, will see approximately 4,700 employees and 3,000 contractor roles eliminated this year, according to an internal memo seen by Reuters . It will also reduce the company's headcount for the first time since the COVID-19 pandemic.