Santos to cut 10% of workforce, posts fall in annual profit
#Santos #Workforce Reduction #Profit Decline #Energy Sector #Corporate Restructuring #Market Conditions #Commodity Prices #Fiscal Year 2022
📌 Key Takeaways
- Santos is cutting 10% of its global workforce, affecting approximately 300 employees.
- The company reported a 23% fall in annual profit to $1.2 billion for the 2022 fiscal year.
- The workforce reduction and profit decline are attributed to challenging market conditions and volatile commodity prices.
- Santos plans to reduce capital expenditure by 15% in the upcoming fiscal year.
- CEO Kevin Gallagher defended the measures as necessary for maintaining competitiveness.
📖 Full Retelling
🏷️ Themes
Corporate Restructuring, Energy Sector Challenges, Financial Performance, Workforce Reduction
📚 Related People & Topics
Australia
Country in Oceania
Australia, officially the Commonwealth of Australia, is a country comprising the mainland of the Australian continent, the island of Tasmania and numerous smaller islands. It has a total area of 7,688,287 km2 (2,968,464 sq mi), making it the sixth-largest country in the world and the largest in Ocea...
Economy of Australia
Australia has a highly developed mixed economy. As of 2025, Australia was the 15th-largest national economy by nominal GDP (gross domestic product), the 22nd-largest by PPP-adjusted GDP, and was the 21st-largest goods exporter and 24th-largest goods importer. Australia took the record for the longes...
Santos Limited
Australian energy company
Santos Limited, (South Australia and Northern Territory Oil Search) is an Australian oil and gas exploration and production company, with its headquarters in Adelaide, South Australia. It owns liquefied natural gas (LNG), pipeline gas, and oil assets. It is the biggest supplier of natural gas in Aus...
Kevin R. Gallagher
Kevin R. Gallagher is a guitarist who plays both the electric guitar and the classical guitar. As a classical guitarist, he has received top honors at some of the most prestigious guitar competitions in the world, including the 1993 Guitar Foundation of America, the 1994 American String Teachers Ass...
Energy industry
Industries involved in the production and sale of energy
The energy industry refers to all of the industries involved in the production and sale of energy, including fuel extraction, manufacturing, refining and distribution. Modern society consumes large amounts of fuel, and the energy industry is a crucial part of the infrastructure and maintenance of so...
Restructuring
Act of reorganizing the legal, ownership, operational, or other structures of a company
Restructuring or Reframing is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs. Other reasons for restructuring include a change of own...
Fossil fuel
Fuel formed over millions of years from dead plants and animals
A fossil fuel is a flammable carbon compound- or hydrocarbon-containing material formed naturally in the Earth's crust from the buried remains of prehistoric organisms (animals, plants or microplanktons), a process that occurs within geological formations. Reservoirs of such compound mixtures, such ...
Energy transition
Significant structural change in an energy system
An energy transition (or energy system transformation) is a major structural change to energy supply and consumption in an energy system. Currently, a transition to sustainable energy is underway to limit climate change. Most of the sustainable energy is renewable energy.
Entity Intersection Graph
Connections for Australia:
View full profile