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

WOOLWORTHS CLAIMS LEGAL VICTORY IN STOUSH WITH LOWE'S

SUPERMARKET giant Woolworths (ASX: WOW) has been given the go-ahead to sell its Masters property assets after winn...

DOMINO'S PIZZA EMPLOYEES OFFERED A SLICE OF THE PIE

DOMINO'S Pizza (ASX: DMP) has launched an employee share acquisition plan which will give its 26,000 staff the...

PRICELINE STORE ROLLOUT BOOSTS API'S FULL YEAR PROFIT FORECAST

Australian Pharmaceutical Industries (ASX: API) has booked a rise in half year net profit of $29.1 million on the bac...

CITY DWELLERS SETTING EYES ON REDCLIFFE AS PROPERTY SEACHANGE BECKONS

IT MAY be cool by the sea at Redcliffe, however strong sales at Kyko Group's Mon Komo development prove that t...

Related News

FURNITURE DISRUPTOR SET TO SHARE HIS ONE OF A KIND BUSINESS MODEL

IT'S no secret that Australians love homemaking. Their ceaseless quest to create the perfect place to call hom...

WEEDING OUT THE ASX'S BURGEONING CANNABIS TREND: 8 COMPANIES TO WATCH

A NICHE is budding on the ASX in the form of medical cannabis, an industry which has been on the country's rad...

FRESH CLASS ACTION TO REVEAL ANOTHER SIDE OF SLATER AND GORDON DOWNFALL

ACA LAWYERS has issued a formal letter of demand to Andrew Grech (pictured), managing director of Slater and Gordo...

STARSHIPS WERE MEANT TO DELIVER DOMINO'S PIZZA

NICKI Minaj may have been off the mark when she declared 'starships were meant to fly'. However, she m...

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