Origin slaughtered, cuts 800 jobs

The rude awakening for LNG is here with Origin now down 13%:

Capture

And announcing big jobs cuts, from The Australian:

Origin Energy has flagged 800 job cuts, mainly in Brisbane and Melbourne, this financial year after it swung to an annual loss, squeezed by lower oil prices and impairment charges even as it plans to further clamp down on costs and spending.

And we haven’t even gotten to the main game of APLNG write downs and equity raisings yet!

David Llewellyn-Smith
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Comments

    • Failed Baby BoomerMEMBER

      Yes HnH, well done. Nobody around here was surprised – we were well warned for a long time.
      Out in the street and in the pub there are plenty of stunned muppets today.

  1. such a big news of job loss and some news paper- is more worried about Ashley Madison, what a joke this media and associated jurnos have become

    • “…more worried about Ashley Madison…”

      I’m pretty sure far more than 800 Australians are going to have their lives ruined by the Ashley Madison leaks.

  2. The energy and resources contagion band wagon keeps rolling along. No wonder Qantas made a profit.

  3. That likely means another 400 investment properties to hit the market in the next 12 months also, assuming 1 in 2 own one.

  4. Ha ha ha ha ha!

    Oh excuse me. That really is displaying a lack of empathy and compassion. Let me adjust my outlook…

    BwahahahahahahahaLOLOLOL!

    • Why are you so happy about what will be a significant macroeconomic negative, particularly in Delaide as well, where STO is the only HQ of any significance?

      LNG is less evil than coal..

      • Because things have to get much much worse in Australia before there’s any hope of them getting better. The Australian population needs a hard lesson, and they’re going to get it. All the ducks are in a row.

        As for Adelaide, the place is doomed to shrink substantially. It’s Australia’s Detroit. There’s not a thing anyone can do about that. I should know; I’m from there.

        Edit: as for LNG being better than coal, sure. But who will Australia export it to economically? Pretty much no-one, that’s who! It’s basically like saying that meth is better than smack; sure, but neither is a going lifestyle choice.