Beach Energy to slash almost a third of its staff in cost-cutting push

Kerry Stokes-backed Beach Energy will lay off 30 per cent of its workforce and overhaul its executive leadership team in a major cost-cutting drive aimed at turning around the oil and gas producer’s performance amid heavy losses.

Beach Energy is using the Ocean Onyx drill rig to develop new natural gas wells off the coast of Victoria. In February, Beach posted a first-half loss of $345 million on the back of heavy writedowns on its oil and gas fields in the Cooper Basin and exploration assets. “To minimise the personal impact, we are committed to implementing the new structure as soon as possible.”Investors reacted positively to the news on Thursday, sending Beach Energy’s share price to its highest level in more than 18 months.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Beach Energy to slash almost a third of its staff in cost-cutting pushThe Kerry Stokes-backed oil and gas producer will lay off 30 per cent of its workforce and overhaul its executive leadership team in a bid turn the company around.
Source: brisbanetimes - 🏆 13. / 67 Read more »

Clean Energy Council: Investment in renewable energy slumps 80pc as 2030 climate target fadesThe peak body for the renewables industry said the low level of commitments to new projects last year was due to grid bottlenecks and slow planning approvals.
Source: FinancialReview - 🏆 2. / 90 Read more »

Energy stocks GNX: The ASX is not the place for pure energy transition betsThe ASX just hasn’t cracked it as a destination for the next wave of green electricity generators. Genex Power is the latest to be worth more in private hands.
Source: FinancialReview - 🏆 2. / 90 Read more »

Energy challenge: why Australia needs a new energy partnership with JapanA spat over gas supplies and the huge potential for future fuels means it’s time for a binational body to talk over energy issues.
Source: FinancialReview - 🏆 2. / 90 Read more »