Oil producer BP plans to slash more than 4,000 jobs over the next two years as oil prices plummet. BP will reduce its global upstream staff from 24,000 to “well below” 20,000 by the end of 2017, the company said in an emailed statement. BP’s upstream operations are made up primarily of its of exploration and production activities for oil and gas, and employs people in at least half a dozen U.S. states, including Texas, Alaska, Colorado, New Mexico, Oklahoma and Wyoming.

“This is part of a move being announced at a number of our offices today,” the company said in the statement. The London-based company declined to comment on how many of the cuts might impact its 17,000 U.S. staff. The cuts come as the price of oil drops to news lows. On Monday, the price of crude oil dropped 5% to $31.41 a barrel, based on WTI Crude Oil benchmark. That’s half of its worth last spring. FULL REPORT