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.

BP, which employs around 4,000 in Houston, will eliminate thousands of roles to cut costs, according to reports from Associated Press and Wall Street Journal.

U.K.-based oil company is cutting 4,700 jobs worldwide and a further 3,000 contractor roles as part of a cost-saving drive.