Woodside Energy announces job cuts and new dividend policy

Woodside Energy has announced plans to cut approximately 10 per cent of its global workforce, involving at least 500 jobs, as part of a strategy to reduce annual structural costs by $400 million by 2028. The company aims to achieve a return on investment of 12 per cent to 15 per cent for all projects by the mid-2030s.

In a shift in investor payouts, Woodside replaced its previous policy of distributing up to 80 per cent of underlying net profit with a new model. The company will now pay between 20 per cent and 40 per cent of adjusted operating cash flow, with 20 per cent serving as the base.

Western Australia Treasurer Rita Saffioti responded to the announcement by defending the importance of the gas industry to the state economy. While expressing sympathy for affected workers, Saffioti emphasized that the government remains supportive of gas projects as a key transition fuel.