British oil company BP is cutting 4,700 jobs globally, including 3,000 contractors, as part of a strategy to save $2 billion by 2026. CEO Murray Auchincloss indicated the cuts account for much of the anticipated job reductions this year, as the company halts or pauses 30 projects. BP aims to enhance digital capabilities amid pressure from declining share prices and financial underperformance. Despite the cuts, Auchincloss stated that the company is well-positioned to navigate the energy transition while avoiding a previous plan to reduce oil and gas output by 40% by 2030.