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Australia's Santos targeting 10% job cuts to reduce costs

Published by Global Banking & Finance Review

Posted on February 17, 2026

1 min read

· Last updated: February 17, 2026

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Australia's Santos targeting 10% job cuts to reduce costs
oil and gas job creation corporate strategy Financial performance
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Feb 18 (Reuters) - Australian oil and gas producer Santos Ltd said on Wednesday it was targeting a headcount reduction of around 10% to cut costs, as it reported a full-year underlying profit that

Australia's Santos targeting 10% job cuts to reduce costs

Santos' Cost-Cutting Measures

Feb 18 (Reuters) - Australian oil and gas producer Santos Ltd said on Wednesday it was targeting a headcount reduction of around 10% to cut costs, as it reported a full-year underlying profit that missed market expectations.

Impact on Workforce

(Reporting by Sameer Manekar in Bengaluru; Editing by Sriraj Kalluvila)

Key Takeaways

  • Santos Ltd plans to cut 10% of its workforce.
  • The move is aimed at reducing operational costs.
  • The company's profit fell short of market expectations.
  • The announcement was made on a Wednesday in February.
  • The report was edited by Sriraj Kalluvila.

Frequently Asked Questions

What is cost-cutting?
Cost-cutting refers to measures implemented by a company to reduce its expenses and improve profitability. This can involve reducing staff, minimizing operational costs, or optimizing resource allocation.
What is a headcount reduction?
A headcount reduction is a process where a company decreases the number of employees, often to cut costs or improve efficiency. This can occur through layoffs, attrition, or restructuring.
What is underlying profit?
Underlying profit is a measure of a company's profitability that excludes one-time or non-recurring items, providing a clearer picture of its ongoing financial performance.

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