Woodside Petroleum is cutting another 300 jobs in response to falling oil prices

A LNG tanker at Karratha, Western Australia. Image: Woodside.

Australian energy producer Woodside Petroleum is cutting another 300 jobs in response to falling oil prices.

The announcement, including a pay freeze, was made in an email to staff from CEO.

“Woodside has completed a business review to address the impact of the downturn in the commodities market,” a company spokesman told Business Insider. “The outcome is that about 300 roles will be made redundant.”

Last month the oil and gas company posted a full year net profit of $US2.414 billion, up 38%, the second highest in the company’s history, despite falling global oil prices.

However, the the company is running a cost cutting program and last year got rid of 320 jobs.

Operating expenditure for 2015 has been cut by about 15% and investment spending is down by about 20%.

Global oil prices have fallen 50% since June last year.

Last month Coleman said: “We’re driving our costs down, our cost base for new projects, and we’re repricing service and supply contracts as we speak.”

At the same time, Woodside has been on a buying spree, picking up Texas-based Apache Corporation’s interests in the Australian Wheatstone natural gas project, plus the Balnaves oil and the Kitimat gas projects in Canada for a total of US$2.75 billion (AU$3.348 billion).

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