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Santos cuts 400 jobs after 25% profit drop, reviews Australian assets, and wins greenwashing lawsuit.
Santos, an Australian oil and gas producer, plans to cut about 400 jobs—10% of its workforce—after reporting a 25% drop in underlying profit to $898 million in 2025, driven by weak commodity prices despite higher production and record-low unit costs.
The company is reviewing its Australian assets, including projects in the Cooper Basin, Western Australia, and Narrabri, with potential sales or partnerships.
It maintained 2026 guidance for sales volumes and unit costs, declared a full-year dividend of 23.7 cents per share, and won a legal victory when a federal court dismissed a shareholder lawsuit over greenwashing claims.
Shares fell 2.5% to $6.50.
Santos corta 400 puestos de trabajo después de una caída del 25% en las ganancias, revisa los activos australianos y gana una demanda por lavado verde.