Beach Energy to cut staff by almost one-third

Investors reacted positively to the news on Thursday, sending Beach Energy’s share price to its highest level in more than 18 months.

Woods, formerly a senior executive at Australian gas giant Santos, became Beach Energy’s third CEO in just over three years in February 2022 after the board announced the immediate departure of Morne Engelbrecht, who had been in the job for 15 months.

Beach Energy produces oil and gas from five basins in Australia and New Zealand. All of its gas on the Australian east coast is delivered domestically.

The company’s flagship growth project, the Waitsia Stage 2 joint venture with Japan’s Mitsui in the Perth Basin, had been originally due to start producing gas to convert into liquefied natural gas (LNG) and ship overseas via the North West Shelf plant last year. However, progress on the project’s construction slowed following the collapse of engineering contractor Clough.

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