OIL PRODUCER LAYS OFF CLEAN-ENERGY WORKERS

Written on the 6 July 2012

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.


Latest News

THE STAR'S STUNNING ANSWER TO CROWN'S BARANGAROO

THE Star Entertainment Group (ASX:SGR), not to be outdone by James Packer's Barangaroo development across the ...

BRISBANE COAL TERMINAL REOPENS AFTER SHIPLOADER REPAIR

COAL loading has recommenced at New Hope's (ASX: NHC) Brisbane terminal today after repairs to its ship loader, w...

SUPERYACHTS OFFER UNTAPPED POTENTIAL AT COMMONWEALTH GAMES

SUPERYACHT Australia has devised a strategy to attract more superyachts to Queensland and capitalise on revenue op...

GDP FIGURES A 'WAKEUP CALL' FOR PARLIAMENT

THE GDP figures are an end-of-year wakeup call for Parliament about what lies ahead for the country, according to ...

Related News

HOW MCDONALD'S AUSTRALIA REDISCOVERED ITS INNOVATIVE SPIRIT

MCDONALD'S is such a ubiquitous part of the Australian landscape today that it is easy to forget how it change...

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter