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Houston-headquartered BP plans to cut 5 percent of its workforce—about 4,700 jobs—as part of a larger cost-cutting program.

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The energy giant announced earlier this week that weaker oil and gas production would hit its fourth-quarter results for last ...

The job cuts align with a renewed emphasis on bolstering BP’s oil and gas operations and steering away from renewables.

Confirming the job losses, the FTSE 100 company said the reduction in its workforce was down to cost cutting measures.