Santos Plans Workforce Reduction Amid Profit Decline

Santos, Australia's second-largest natural gas producer, is aiming to reduce its workforce by 10% following a decline in profits due to lower oil and gas prices. Bloomberg posted on X that the company is responding to the challenging market conditions by implementing cost-cutting measures. The decision comes as Santos seeks to maintain its financial stability and competitiveness in the energy sector. The reduction in headcount is part of a broader strategy to streamline operations and improve efficiency. This move reflects the ongoing pressures faced by energy companies globally as they navigate fluctuating commodity prices.