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Mining Weekly reported that Santos Ltd. (ASX:STO) has confirmed its decision to implement staff cuts across its operations in response to the decline in the oil prices.
Mining Weekly reported that Santos Ltd. (ASX:STO) has confirmed its decision to implement staff cuts across its operations in response to the decline in the oil prices.
As quoted in the market news:
The spokesperson explained that as part of lowering the group’s costs, Santos was pursuing all efficiency and productivity options to help the business operate in the low oil price environment. These options include reducing its contractor workforce and implementing redundancies.
A Santos spokesperson stated:
In December last year, we announced a 25% reduction in capital expenditure for 2015 and also flagged a review of our operational expenditure (capex).
The level of redundancies will be determined through this productivity and efficiency process.