Woodside Energy Cuts 500 Jobs in Cost Drive

The oil and gas producer is cutting about 10 percent of its workforce as it sets a new $500 million annual cost-saving target.

Updated on Nov. 5, 2026 in Oil and Gas

Woodside Energy Cuts 500 Jobs in Cost Drive

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Woodside Energy is cutting 500 jobs, about 10 percent of its workforce, as part of a new cost-saving target of $500 million a year. The move comes as new chief executive Liz Westcott seeks to extract more value from the company's portfolio.

Why it matters

The cuts reflect a shift toward redeploying cash from large projects nearing completion in Australia and offshore. Woodside's stated priority is to extract more value from its existing portfolio rather than expand the workforce.

Woodside's cost cuts target US$400 million ($571 million) in savings from 2028, against a global workforce of 4600 at the end of 2025. The breakdown of the job cuts by role or location has not been disclosed.

The players

Woodside Energy

Woodside Energy is an Australian oil and gas producer with major projects in Australia and offshore.

Liz Westcott

Liz Westcott is the chief executive of Woodside Energy, appointed in March 2026.

The details

Woodside is revising its dividend policy alongside the workforce reduction. The company is redeploying cash from large new projects nearing completion in Australia and offshore to pursue its cost-cut programme.

March 2026: Liz Westcott took over as Woodside chief executive.
From 2028: Cost-cut savings of US$400 million are expected to begin.
Mid-2030s: Woodside forecasts a return on capital of 12 to 15 percent.

Market Landscape

Woodside's move follows the shift in Australian upstream energy from building large liquefied natural gas projects toward extracting returns from completed assets. The company is pursuing a return on capital of 12 to 15 percent by the mid-2030s as it reorients its portfolio.

Households are unlikely to see direct changes from this announcement, but the job losses affect around 500 workers at Woodside. Shareholders may see changes to dividend payouts as the company revises its dividend policy.

The takeaway

Companies in mature energy markets are increasingly prioritising returns from existing assets over new expansion. For readers tracking the sector, Woodside's 12 to 15 percent return target offers a measurable benchmark for judging its progress.