Finance
Australia's Santos targeting 10% job cuts to reduce costs
Published by Global Banking & Finance Review®
Posted on February 17, 2026
1 min readLast updated: February 17, 2026
Quick Summary
Santos Ltd plans a 10% workforce reduction to cut costs after reporting a profit below market expectations.
Australia's Santos targeting 10% job cuts to reduce costs
Santos' Cost-Cutting Measures
Feb 18 (Reuters) - Australian oil and gas producer Santos Ltd said on Wednesday it was targeting a headcount reduction of around 10% to cut costs, as it reported a full-year underlying profit that missed market expectations.
Impact on Workforce
(Reporting by Sameer Manekar in Bengaluru; Editing by Sriraj Kalluvila)
Key Takeaways
- •Santos Ltd plans to cut 10% of its workforce.
- •The move is aimed at reducing operational costs.
- •The company's profit fell short of market expectations.
- •The announcement was made on a Wednesday in February.
- •The report was edited by Sriraj Kalluvila.
Frequently Asked Questions about Australia's Santos targeting 10% job cuts to reduce costs
1What is cost-cutting?
Cost-cutting refers to measures implemented by a company to reduce its expenses and improve profitability. This can involve reducing staff, minimizing operational costs, or optimizing resource allocation.
2What is a headcount reduction?
A headcount reduction is a process where a company decreases the number of employees, often to cut costs or improve efficiency. This can occur through layoffs, attrition, or restructuring.
3What is underlying profit?
Underlying profit is a measure of a company's profitability that excludes one-time or non-recurring items, providing a clearer picture of its ongoing financial performance.
