• BP is cutting thousands of jobs, the oil giant announced on Thursday.
• The cuts will affect 4,700 staff positions and 3,000 contractor roles.
• BP said it was part of a program to “simplify and focus” the oil giant.

Oil giant BP is cutting thousands of jobs, the company announced on Thursday.

Some 4,700 positions will be eliminated, while the number of contractors will be reduced by 3,000, it said in a statement sent to Business Insider.

The cuts, which amount to about 5% of its workforce, are part of a program to “simplify and focus” BP that began last year.

“We are strengthening our competitiveness and building in resilience as we lower our costs, drive performance improvement and play to our distinctive capabilities,” the statement added.

“As our transformation continues our priority will — of course — be safe and reliable operations and continuing to support our teams.”

Bloomberg first reported the job cuts.

“I understand and recognize the uncertainty this brings for everyone whose job may be at risk, and also the effect it can have on colleagues and teams,” CEO Murray Auchincloss told staff in an email seen by the outlet.

BP shares rose as much as 1.7% in London before paring gains.

This is a developing story.