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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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.

BP confirmed thousands of job cuts in a statement sent to Rigzone on Friday. “Last year, we began a multi-year program to simplify and focus BP,” the statement noted. “We are strengthening our competitiveness and building in resilience as we lower our costs, drive performance improvement, and play to our distinctive capabilities,” it added.

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.

Petroleum giant British Petroleum will cut 4,700 jobs this year in a cost cutting measure, the company announced Thursday. That amounts to about 5% of its total workforce.

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