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Gas giant Santos to axe 10% of staff, consider asset sales
- On Wednesday, Santos Ltd., Adelaide-based oil and gas producer, announced it is targeting a headcount reduction of around 10 per cent as attributable net income fell by a third to $818 million.
- Under pressure from last year's failed $30 billion takeover offer, Santos posted a 25 per cent slump in underlying profit to $818 million for calendar 2025, with soft commodity prices weighing on earnings.
- Santos said it would launch a strategic review of Australian operations to test capital competition, with analysts flagging potential sales including projects in the Cooper Basin, Western Australia, and the $3.6 billion Narrabri gas project.
- The cuts will affect roughly around 400 of Santos' just over 4000 employees as investors sold down shares, which fell around 2.5 per cent to $6.50 in early afternoon trading.
- Santos says guidance for 2026 remains unchanged, targeting 101-111 million barrels of oil equivalent, with first cargoes from Barossa and Darwin LNG arriving early 2026, within six months of schedule and within budget.
16 Articles
16 Articles
Santos to cut 10pct jobs as growth projects near end, annual profit misses estimates
SYDNEY: Australian oil and gas producer Santos Ltd reported a steeper-than-expected drop in annual profit on Wednesday, hurt by weak commodity prices, and said it would reduce its headcount by about 10 per cent as major growth projects near completion.
Oil Giant Santos to Cut One in 10 Workers as Profit Slides
One in ten Santos employees will be looking for a new job as the oil and gas giant targets cutbacks to “rightsize” the business. The layoffs would impact around 400 of Santos’ just over 4,000 employees, according to the group’s full year report. The announcement came as the group posted a 25 percent slump in underlying profit to US$898 million (A$1.3 billion) for calendar 2025, as soft commodity prices weighed. The headcount reduction will follo…
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