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Woodside axes 300 jobs and freezes pay

Woodside Petroleum is axing 300 jobs and freezing pay across the organisation as it deals with a plunge in the oil price.

深圳桑拿网

The fresh job cuts are expected to be carried out over the coming weeks and come after the company shed 320 roles in 2014.

Australia’s largest oil and gas player has been on a cost cutting drive as the price of oil halved over the past year.

Perth-based Woodside says it is accelerating its efficiency plans to ease pressure on its bottom line after completing a business review to address the impact of the downturn in the commodities market.

“The outcome is that about 300 roles will be made redundant,” Woodside said in a statement.

But Woodside did not indicate whether the cuts would be made on operational sites or at the company’s Perth headquarters.

In an e-mail to staff Mr Coleman said Woodside had decided there will be no “immediate” remuneration increases.

“This applies to all employees. The situation will be reviewed in the third quarter,” he wrote.

At its recent full year results, Mr Coleman revealed Woodside is cutting its 2015 operating expenditure by around 15 per cent.

Mr Coleman was paid $8.5 million after receiving a $2 million annual pay rise and almost $3 million in short-term bonuses during 2014.

Woodside’s net profit rose to $US2.4 billion for the year to December 31, up from $US1.7 billion and the company raised its final dividend by 40 per cent to $US1.44.

The company also said it was on track to reach its 2015 production target of 84 million to 91 million barrels of oil equivalent (mmboe).

Shares in the company were 11 cents, or 0.3 per cent, lower at $35.42 at 1405 AEDT.

 

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