The Woodside Petroleum Limited (ASX: WPL) share price is slipping today amid reports the oil and gas giant is preparing to slash jobs.
The company is reportedly attempting an extreme cost-cutting initiative that could see it wave goodbye to workers in its offices and operations.
Right now, the Woodside share price is $22.12 – 1.5% lower than its closing price yesterday.
Let's take a closer look at today's news on Woodside.
Woodside reportedly gearing up to axe jobs
The Woodside Petroleum share price is in the red as news swirls the company will soon let staff go.
According to reporting by The Australian, acting CEO Meg O'Neill has executed a company-wide review into cost-cutting measures. Reportedly the review is going to suggest job cuts and a redesigned workforce.
In its 2020 annual report, released in February 2021, Woodside stated it had 3,670 employees.
While there's no word as to how many jobs might be on the line, the publication claims the company is aiming to reduce its costs by 30%.
Woodside didn't respond to The Motley Fool's request for comment in time for publication. However, The Australian quoted a company spokesperson as saying:
Managing our costs and workforce are a normal part of Woodside's business and operations…
We remain focused on safe operations and the continued safe execution of our Sangomar project in Senegal and achieving our targeted final investment decision on the Scarborough and Pluto Train 2 developments in Western Australia.
Woodside share price snapshot
2021 hasn't been a great year so far for the Woodside share price.
Right now, Woodside's shares are trading for 2.73% lower than they were at the start of the year. However, they are currently 7.74% higher than they were this time last year.
The company is the largest oil and gas producer on the ASX, with a market capitalisation of around $21.3 billion, with approximately 963 million shares outstanding.