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Compiled and published by Fortune Magazine, the Fortune 500 is an annual list that ranks the biggest US companies by revenue.

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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.

British energy giant BP says it will axe 4700 staff jobs, about 5% of its workforce, and is cutting thousands of contractor roles to reduce costs. The move is part of a “multi-year programme to ...