Australia's Beach Energy to reduce headcount by 30%

Australia's Beach Energy on March 28 announced its decision to reduce its workforce by 30% as part of a strategic review aimed at enhancing efficiency. This move follows the company's earlier announcement of conducting a comprehensive strategic review with the goal of re-establishing its core business, improving shareholder returns, driving efficiency, and positioning itself for growth.

The initial phase of the strategic review has been completed, resulting in the development of a new asset-based organisational structure scheduled to be implemented by April 8, 2024. As part of this restructuring, some members of the current executive team will be departing from Beach in the coming months, while new executive appointments are underway and will be revealed once finalised, it said.

Further details regarding outcomes from the strategic review are expected to be disclosed in the upcoming months, as per Beach's statement. 

“Our new organisational 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," CEO Brett Woods said.

Last month, Beach disclosed a write-down of A$721mn ($470mn) in the value of its Cooper Basin assets for the six months ended December 31. This impairment, amounting to A$505mn after tax, contributed to a statutory net loss of A$345.1mn for the period, in contrast to a profit of A$207mn during the corresponding period in the previous year.