Woodside Energy cuts 500 jobs to slash costs by US$570M
Pontos principais
- Woodside Energy announced plans to eliminate 500 jobs and slash annual operating costs by roughly US$570 million.
- The company revised its dividend payout framework to distribute 20% of annual cash flows as a base return.
- Management stated that these measures aim to streamline operations and support upcoming production projects.
Woodside Energy (ASX:WDS) announced plans to eliminate 500 jobs and reduce annual costs by US$570 million as part of a newly revised corporate strategy.
The reduction affects roughly 10% of the global workforce and follows a period of rapid expansion through various acquisitions.
“It’s a recognition that Woodside has grown materially over the past four years, often through an acquisition, and we’ve yet to really undo the inefficiencies you can get when you grow fast,” said Woodside CEO Liz Westcott.
The company stated that the cost-saving initiative will be supported by an increased use of artificial intelligence across its operations.
The company adjusted its dividend policy to link payouts directly to cash flows rather than net profits.
The business aims to extract greater value from its existing asset portfolio while preparing for upcoming production milestones.
Following the announcement, the Woodside Energy share price was unchanged at $30.59.
