Australian energy major Woodside Energy plans to eliminate at least 500 jobs globally, equivalent to around 10 per cent of its workforce, as it steps up cost-cutting measures while targeting higher production over the coming years.
The company had 4,693 employees as of December 2025, with most of its workforce based in Australia and the Americas, according to its annual report. The proposed reductions form part of a broader effort to increase operational efficiency and lower costs.
Woodside expects to increase its cost-saving target to $400 million, up from the $350 million announced in August. The workforce reduction comes alongside plans to raise production by 32 per cent to 280 million barrels of oil equivalent by 2032.
The company is also setting a common return-on-investment target of 12 to 15 per cent for all projects by the middle of the next decade, replacing its earlier targets, which varied across offshore oil, gas and new energy projects.
The workforce changes come as Woodside prepares to expand production through projects including Scarborough LNG in Australia, the Trion oil project in the Gulf of Mexico and the Louisiana LNG facility in the US.
CEO Liz Westcott, who took charge in April, is overseeing a wider restructuring of the company’s portfolio, including asset divestments and a review of projects. The company has not disclosed which business units, roles or geographies will be affected by the planned job cuts.
