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.

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

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.

Cuts come as BP spins off its offshore wind business into new joint venture and reduces renewable energy investments generally

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.

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 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 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 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.

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.