Santos is shedding 200 jobs, mostly from its Adelaide head office, as the energy producer cuts under pressure from falling oil prices.
“About 200 jobs will go across the business unit as we simplify our organisation to increase accountability, remove complexity and reduce costs,” said Brett Woods, Santos head of operations in SA, NT and Victoria, in an email to staff.
The company has a work force of 3000, half of them in Adelaide.
Santos said: “The job reductions are a part of a broader restructure of the Eastern Australia business to make it a leaner, more agile organisation delivering lower cost oil and gas from the Cooper Basin.”
Chairman Peter Coates has become executive chairman after CEO David Knox stepped down in the face of a falling share price. The board of directors in August also launched a full strategic review
Santos saw its net profit drop 82% to $37 million for the half year as falling global oil prices sucked revenue from the energy company’s business.
The oil and gas producer managed to get just $US60 per barrel in the six months to June compared to $US115 in the previous first half, a 47% fall.
Business Insider Emails & Alerts
Site highlights each day to your inbox.