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

Q & A WITH FACEBOOK GURU ANDY MCKEON AS HE JOINS AUSTRALIAN SOFTWARE COMPANY LIVETILES

HE was creative director at Apple under the legendary Steve Jobs, and is now a senior Facebook executive. In his n...

EAST COAST PROPERTY BOOM BUILDS PROFITS FOR BRICKWORKS

AUSTRALIA'S residential property boom has helped drive a sharp rise in first half earnings for Brickworks (ASX: B...

COLLINS SUPERSIZES IN EUROPE WITH PURCHASE OF 16 KFC RESTAURANTS IN THE NETHERLANDS

COLLINS Foods (ASX:CKF) has stepped up its European expansion through the purchase of 16 KFC restaurants in the Ne...

CSIRO HELPS DEVELOP AUSTRALIAN PHARMA COMPANY FROM $10 MILLION TO $305 MILLION

GOVERNMENT backed scientists have helped multiply the market value of a previously small Australian pharmaceutical...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter