From The Australian:
SANTOS said today it has cut 100 jobs as the oil company attempts to rein in operating costs to offset heavy spending on growth projects.
The redundancies, which will become effective in the first three months of 2013, are mostly based in Santos’s head office in Adelaide with the remainder at its Moomba operations in the Cooper Basin.
The company has about 3200 employees in Australia, with about half in South Australia.
“This decision was made as part of a broader program to ensure the Eastern Australia business remains cost-competitive and is best placed to grow going forward,” senior executive James Baulderstone said.
These are pretty small job losses, only 3% of the payroll. But one wonders again about what this about the kind of heat LNG management is under at the moment from shareholders. Certainly nothing like a tipping point but hardly a sign of robust health either…
