BP to Cut Thousands of Jobs to Reduce Costs

BP plans to eliminate some 4,700 jobs and 3,000 contractor roles this year in an effort to further reduce costs, the supermajor told Reuters on Thursday. The job cuts would be equal to around 5% of the global workforce of around 90,000 employees at BP. The UK-based oil and gas giant has been seeking to reduce billions of U.S. dollars worth of costs to boost its attractiveness for investors. Shares in BP have been underperforming its peers in the sector, especially the U.S.-based giants ExxonMobil and Chevron. “We have got more we need to…