Australian oil and gas company Beach Energy has set out plans to lay off 30% of workforce across its business as part of a comprehensive strategic review which aims to deliver increasing returns to shareholders and increase efficiency.
The first stage of the strategic review has been completed with a new asset-based organizational structure to be implemented by April 8, 2024, Beach Energy informed.
Several of the current executive team will be leaving Beach over the coming months, with new executive leadership appointments currently underway and will be announced once all positions have been confirmed.
To achieve efficiency and operational cost improvements, a targeted headcount reduction of 30% will be delivered across the business, the company confirmed.
Further outcomes from the strategic review will be announced over the coming months.
“Our new organizational 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.
“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.
“Decisions about headcount reductions are not made lightly as we are highly cognizant of the personal impact organizational change can have on individuals and their families. To minimize the personal impact we are committed to implementing the new structure as soon as possible” said Brett Woods, CEO and Managing Director of Beach Energy.