OIL PRODUCER LAYS OFF CLEAN-ENERGY WORKERS

OIL PRODUCER LAYS OFF CLEAN-ENERGY WORKERS

LINC Energy (LNC) has retrenched 60 staff from its corporate and clean energy divisions.

The ASX-listed oil, gas and coal producer came to the decision after completing a review of business operations.

CEO Peter Bond (pictured) has confirmed the job cuts are expected to almost halve quarterly cash costs to $19 million with a one-off $500,000 expense.

“Approximately 90 per cent of these positions are attributable to the corporate and clean energy divisions without affecting any core areas of the business,” he says in a written statement.

“Many of the budget cuts were completed in the company’s Denver and Casper offices on the back of the consolidation of the company’s oil operations, which are now being run out of Houston, with further cuts actioned in the Brisbane office.”

LNC predicts a $15 million cash surplus to come in the 2013 financial year, with positive cash flows from the US oil business to fully fund the corporate budget.

Following the restructure, LNC will employ more than 400 employees across Australia, Europe, Uzbekistan and the US.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Looking for a credit or charge card that’s built for your business? Try American Express
Partner Content
A good credit card should work for you, not against you, and let you and your business ...
American Express
Advertisement

Related Stories

Mandatory COVID isolation to end nationally mid-October

Mandatory COVID isolation to end nationally mid-October

National Cabinet has today determined that mandatory isolation peri...

Sunset on the horizon in 2023 for developer Sunland

Sunset on the horizon in 2023 for developer Sunland

A developer behind some of the Gold Coast's most iconic buildin...

Tritium teams up with JET Charge to create world’s longest EV highway in WA

Tritium teams up with JET Charge to create world’s longest EV highway in WA

Brisbane-based electric vehicle charger group Tritium DCFC (NASDAQ:...

Digital disruptor Explorate ventures into new waters amid global freight mayhem

Digital disruptor Explorate ventures into new waters amid global freight mayhem

After a heady two years of surging demand for its international log...