Woodside Energy to Cut More Than 500 Jobs in $550 Million Cost Drive
Written by AI from abc.net.au's report. Not checked by a person.
Australian gas giant Woodside Energy announced it will eliminate over 500 positions — roughly 10% of its global workforce — as part of a cost-reduction plan targeting $550 million in annual savings by 2028.
Gas giant Woodside Energy announced it would cut at least 500 jobs — approximately 10% of its global workforce — as it seeks to reduce costs by $550 million a year from 2028. The company did not specify how many of the roles would come from its liquefied natural gas operations in Australia, which are primarily based off the coast of Western Australia. Around 80% of Woodside's workforce is based in Australia, with the vast majority in WA, fuelling concerns about the impact on West Australian workers and the broader resources sector. The announcement came on the same day that oil prices fell 8% following the Democrats' win in the US elections, compounding pressure on energy stocks. Woodside's shares fell 5.58% on the ASX on the day of the announcement, making it one of the worst performers on the index. Energy stocks broadly were among the hardest hit on the market, with fellow energy companies Santos, Viva Energy and Ampol also recording significant losses.
