The British oil giant told employees in a memo Thursday that it would slash around 4,700 jobs this year. The company also said it was cutting 3,000 contractor roles and that 2,600 of those contractors had already departed.

British multinational oil and gas company BP announced on Thursday that it would reduce its workforce by thousands as part of a significant cost-cutting initiative. The company aims to streamline its operations and reduce expenses in response to challenging market conditions and the ongoing transition towards cleaner energy sources.

British Petroleum, the U.K.-based oil and gasoline company commonly known as BP, is cutting nearly 5,000 jobs across the globe.