Australian oil & gas player to lay off 30% of its workforce as part of strategic review

Australian oil and gas player Beach Energy is planning to reduce the headcount across the business by 30% as part of a move aimed at achieving efficiency and operational cost improvements.

Beach Energy announced on February 12, 2024, it was undertaking a comprehensive strategic review that aims to re-set the base business, deliver increasing returns to shareholders, drive efficiency and earn the right to grow.

The first stage of the strategic review has been completed with a new asset-based organizational structure to be implemented by April 8, 2024, with several of the current executive team leaving the company over the coming months.

According to the company, new executive leadership appointments are underway and will be announced once all positions have been confirmed, as well as further outcomes from the strategic review.

Beach Managing Director and CEO Brett Woods noted that decisions about headcount reductions are not made lightly an in order to minimize the personal impact the company is committed to implementing the new structure as soon as possible.

“Our new organisational structure will bring sharpened focus on our core assets as we strive to become a dominant supplier of gas into Australia’s East Coast and West Coast markets,” Woods said.

“It is imperative that Beach regains its status as a safe and efficient, low-cost operator by achieving structural reductions in operating costs and sustaining capital expenditure, including the announced reduction in headcount.”