BP is cutting 4,700 jobs as part of a cost-cutting campaign

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BP plans to cut 4,700 jobs, or just over 5 percent of its workforce, as part of its efforts to save $2 billion in costs and revive its share price.

The energy company also plans to reduce the number of contractors it uses by 3,000 this year, adding that 2,600 of them have already left, according to a memo sent to employees by CEO Murray Auchincloss.

In the email on Thursday, Auchincloss said the group was making “strong progress” to become a “simpler, more focused, higher-value company,” but he cautioned that the cuts only represented a goal this year.

Last year, Auchincloss announced a plan to cut $2 billion from… babycosts by 2026

BP shares rose nearly 2 percent in morning trading, but have fallen 5 percent since Auchincloss became chairman on a permanent basis 12 months ago. The stock price has lagged behind that of competitors, including Shell, Exxon Mobil and Chevron.

This is a developing story