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Australia's Woodside Energy to cut at least 10% of workforce, raises cost-savings target

By Reuters News

Nov 5 (Reuters) - Australia's Woodside Energy WDS.AX said on Thursday it expects to cut more than 500 jobs globally and lifted its annual cost savings target by $50 million.


Here are some details :

  • The potential reduction in workforce represents at least 10% of Woodside's total workforce of 4,693 employees as at December-end 2025, according to its 2025 annual report.

  • The country's top independent oil and gas producer also said it now expects to trim costs by $400 million annually, compared to $350 million announced in its half-yearly report from August.

  • Woodside expects the full savings from the annual cost cuts to flow in from 2028.

  • The company is also targeting portfolio return on average capital employed of 12% to 15% by mid-2030s, supported by a new capital framework and shareholder distribution policy.

  • Woodside aims to reduce its Scope 1 and 2 greenhouse gas emissions intensity by 30% by 2035, compared with its 2025 baseline.

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