Woodside Energy will cut 500 roles across its global workforce as part of a stepped-up cost reduction program, the company has announced.
The cuts accompany an increase in Woodside’s cost-saving target to $570 million each year, with those savings due to take effect from 2028.
Company statements framed the workforce reductions as one element of the wider push to reduce costs, linking the job losses directly to the higher annual savings goal.
Woodside described the figure as an increase in its cost-reduction ambition, signalling that the firm expects the savings to be recurring rather than one-off.
The company has not provided further detail on the timetable for the role removals, which parts of the business will be targeted, or whether the reductions will involve voluntary redundancies, compulsory cuts or redeployment.
The announced changes will affect employees across Woodside’s worldwide operations; the firm did not specify which countries or sites would see the largest impact.
Employee groups, suppliers and communities connected to Woodside’s operations can expect disruption while the company implements the changes, although Woodside has not released a plan for managing that transition.
The move comes as Woodside adjusts its cost base with the stated aim of delivering the higher level of annual savings from 2028, a date the company identified as when the increased target will be realised.
Woodside has not disclosed further financial details tied to the job reductions beyond the headline saving figure, nor indicated whether additional cost measures or operational changes will follow the workforce cut.
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