Origin Energy committed to maintaining staff

Origin Energy CEO Frank Calabria says he “certainly” has not made commitments to see hundreds of staff lose jobs, despite other large companies such as Qantas and Oil Search axe thousands of employees. Qantas cut 5,000 jobs after reporting severe financial losses due to the halt on the travel industry caused by the coronavirus pandemic. Similarly Oil Search axed 100 jobs and senior management took considerable pay cuts. “If you focus on Oil Search and the oil and gas sector there have been cuts across the globe based on lower commodity prices and activity,” Mr Calabria told Sky News. “And what we’ve done at Origin is announced we would reduce the breakeven price of producing LNG down to $29 from $32 a barrel. “And at the same time we announced we would reduce our capital expenditure by between $300 and $400 million over the next financial year. “That’s where our focus is right now.”

from National | Daily Telegraph https://ift.tt/2Z0VMha