Woodside to cut 500 jobs in $570m cost-cutting drive

Summarised from 2 outlets · 3 reports · Updated 5 Nov, 03:35 · Archive

Woodside Energy will cut more than 500 jobs, about 10 per cent of its workforce, targeting US$400m in annual cost savings from 2028.

Woodside Energy will cut more than 500 jobs, about 10 per cent of its 4,700-strong global workforce, in a major restructure targeting US$400m in annual cost savings from 2028. The announcements came from chief executive Liz Westcott during her first annual investor briefing.

Westcott said the company aimed to 'extract more value' from its portfolio across Australia and overseas. She told investors that Woodside had returned nearly US$13bn to shareholders since 2022 while developing projects expected to increase sales volumes by more than 30 per cent to around 280 million barrels of oil equivalent by 2032. The company is completing development of the Scarborough project off north-west Western Australia, due to ship first liquefied natural gas by the end of the year, and is developing the Trion oil field in the Gulf of Mexico and the Louisiana LNG project in the United States.

Westcott said Woodside would improve operational efficiency and productivity and manage its portfolio to concentrate capital where returns are highest. The outlets do not specify where the job cuts will fall or from which departments.

How it is being reported

• Woodside Energy to axe more than 500 jobs in $570m cost-cutting overhaulOne of Australia’s largest energy companies has announced it will axe more than 500 jobs across the globe, targeting US$400m in annual cost savings by 2028.The West Australian · 5 Nov, 03:08
• Woodside Energy to axe more than 500 jobs in $570m cost-cutting overhaulOne of Australia’s largest energy companies has announced it will axe more than 500 jobs across the globe, targeting US$400m in annual cost savings by 2028.Perth Now · 5 Nov, 03:08
• Woodside to axe 500 jobs as part of new $570 million costs blitzThe roles will be axed from Woodside’s 4600-strong workforce as part of a plan to save nearly $600m from 2028.The West Australian · 4 Nov, 23:59

In this story: Woodside Energy · Liz Westcott · Australia · Scarborough · Gulf of Mexico · Louisiana

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log