The Woodside Petroleum Limited (ASX: WPL) share price is slipping today amid reports the oil and gas giant is preparing to slash jobs.
The company is reportedly attempting an extreme cost-cutting initiative that could see it wave goodbye to workers in its offices and operations.
Right now, the Woodside share price is $22.12 – 1.5% lower than its closing price yesterday.
Let’s take a closer look at today’s news on Woodside.
Woodside reportedly gearing up to axe jobs
The Woodside Petroleum share price is in the red as news swirls the company will soon let staff go.
According to reporting by The Australian, acting CEO Meg O’Neill has executed a company-wide review into cost-cutting measures. Reportedly the review is going to suggest job cuts and a redesigned workforce.
In its 2020 annual report, released in February 2021, Woodside stated it had 3,670 employees.
While there’s no word as to how many jobs might be on the line, the publication claims the company is aiming to reduce its costs by 30%.
Woodside didn’t respond to The Motley Fool’s request for comment in time for publication. However, The Australian quoted a company spokesperson as saying:
Managing our costs and workforce are a normal part of Woodside’s business and operations…
We remain focused on safe operations and the continued safe execution of our Sangomar project in Senegal and achieving our targeted final investment decision on the Scarborough and Pluto Train 2 developments in Western Australia.
Woodside share price snapshot
2021 hasn’t been a great year so far for the Woodside share price.
Right now, Woodside’s shares are trading for 2.73% lower than they were at the start of the year. However, they are currently 7.74% higher than they were this time last year.
The company is the largest oil and gas producer on the ASX, with a market capitalisation of around $21.3 billion, with approximately 963 million shares outstanding.
The post Woodside (ASX:WPL) share price slipping amid rumoured job cuts appeared first on The Motley Fool Australia.
Should you invest $1,000 in Woodside Petroleum right now?
Before you consider Woodside Petroleum , you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Woodside Petroleum wasn’t one of them.
The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of May 24th 2021
More reading
- 5 things to watch on the ASX 200 on Wednesday
- 5 things to watch on the ASX 200 on Tuesday
- Own Woodside Petroleum (ASX:WPL) shares? Here’s what to look for during reporting season
- 5 things to watch on the ASX 200 on Monday
- Woodside (ASX:WPL) share price struggles following rig dumping proposal
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.
The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/2UVi7h8
Leave a Reply