BP told staff on Thursday its plans would impact around 4,700 roles and that it would also reduce contractor numbers by 3000.

BP is cutting 4,700 jobs, or just over 5 per cent of its workforce, as part of an effort to save $2bn of costs and revive its share price.

In a report released today, Paul Cheng from Scotiabank maintained a Hold rating on BP (BP – Research Report), with a price target of $36.00.

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