An Australian energy company revealed Wednesday its intention to slash roughly one-tenth of its workforce in an effort to reduce expenses, following disappointing annual financial results.
Santos Ltd, which operates in the oil and natural gas sector, announced the staff reduction plan after posting full-year underlying earnings that fell below what market analysts had anticipated.
The energy producer’s decision to cut approximately 10% of its employees represents a significant restructuring effort as the company works to improve its financial position in a challenging market environment.
