5 publishers · first seen Wed, 04 Nov 2026 23:58 UTC · updated Thu, 05 Nov 2026 03:53 UTC
Woodside Energy, Australia's largest oil and gas producer, has announced plans to cut more than 500 jobs, representing around 10% of its workforce, as part of a major restructuring aimed at reducing costs by $570 million annually from 2028. The decision was announced by CEO Liz Westcott during her first annual investor briefing. The company aims to 'extract more value' from its portfolio, which includes operations in Australia and overseas. Woodside has returned nearly $13 billion to shareholders since 2022 and is focused on generating strong cash flows in the next decade. The job cuts are part of a broader strategy to improve operational efficiency and productivity, and to concentrate capital where it earns the highest returns. The specific departments and locations affected by the job cuts are not yet clear.
The restructuring is seen as a move to bolster the company's finances, with the Scarborough gas project, located about 375 kilometres off Western Australia's Pilbara coast, highlighted as a key venture. The project is 80% complete and is expected to ship its first LNG cargo soon.
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