BAKU, Azerbaijan, November 6. Woodside Energy plans to reduce its global workforce by more than 500 positions as part of its structural cost reduction program, according to the company's Capital Markets Day 2026 presentation.
The workforce reduction is one of the measures the company listed for reaching its target of cutting $400 million in annual structural costs from 2028. The others are AI-enabled maintenance planning, supply chain optimisation, and risk-based contracting processes.
Woodside said that $130 million of the targeted savings will come from streamlined processes, $170 million from external spending and $100 million from portfolio optimisation.
Woodside Energy, headquartered in Perth, is Australia's largest independent oil and gas company and is listed on the Australian Securities Exchange and the New York Stock Exchange. Its portfolio includes LNG and domestic gas operations in Australia, deepwater oil in the US Gulf of America, the Sangomar oil field in Senegal, and the Trion project under development in Mexico. Woodside said its enablers include a 'One Team' culture, digital and AI innovation, and critical capabilities. The structural cost reduction target excludes contractor spending on major capital projects such as Scarborough, Trion, Louisiana LNG and Beaumont New Ammonia. Woodside held its Capital Markets Day 2026 in Sydney on November 5 and will hold a second event in New York on November 12. At last year's Capital Markets Day, in November 2025, the company set out its growth plans to 2032.
