Woodside cuts 300 jobs

OREANDA-NEWS. Australian independent Woodside Petroleum is cutting 300 jobs in an attempt to offset the impact of lower oil prices.

Woodside still has the balance sheet strength to pursue its strategy of counter-cyclical acquisitions, but has decided to make the 300 roles redundant in light of a business review looking at the impact of lower oil prices, it said.

It last month posted a 38pc rise in 2014 profit to \$2.41bn, while operating revenues rose by 25pc to \$7.44bn. But the company incurred a post-tax impairment charge of \$196mn, reflecting the write-down of its Australian oil assets because of lower oil prices.

Lower oil prices will flow through to its earnings in the current first half of the year, as LNG contracts often lag crude prices. Woodside is the operator of the 16.3mn t/yr North West Shelf and 4.3mn t/yr Pluto LNG projects.