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.

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