Republic Resumes is busy updating mining resumes, as Santos plans to axe 10 per cent of its staff, after posting a hefty profit drop in 2025.
Santo HQ is based in Adelaide.
It will prioritise a review of its Australian integrated oil and gas portfolio this year and has flagged potential sales of local assets, including the Narrabri gas project.
In its recent results, Santos’ underlying earnings for fiscal 2025 tumbled 25 per cent to $898m, missing the Visible Alpha consensus of $904m, as weaker commodity prices and a delay in ramping up the Barossa LNG project due to a technical issue weighed on results.
Santos attracted negative attention in October when its chief financial officer Sherry Duhe quit after just one year after getting the job.
Ms Duhe is understood to have resigned after voicing concerns about workplace culture and her leadership relationship with Santos’ CEO Kevin Gallagher.
Mr Gallagher was asked whether the decision to cut 400 roles could improve workplace culture amid the fallout from Ms Duhe’s public resignation.
Last year Santos investors questioned why issues raised by former CFO Sherry Duhe over chief executive Kevin Gallagher’s leadership style, and the business corporate culture, were not looked into.
“We’re very confident we’re heading the right direction in terms of culture,” Mr Gallagher said.
“There’s always more you can do. There will always be some disillusioned employees. That’s life.
“But we listen to our people and we react to that and we try to improve the culture here at Santos year on year.”
Mr Gallagher rejected calls from some investors for a review after a $36b takeover bid from a consortium led by Abu Dhabi’s state oil company collapsed.
The XRG consortium notified investors that factors such as commercial value concerns meant it was withdrawing its initial offer for Santos.
“While the Consortium maintains a positive view of the Santos business, a combination of factors, when considered collectively, have impacted the Consortium’s assessment of its indicative offer,” the consortium said.
Four years ago, Santos, Australia’s largest domestic gas supplier, was sued for allegedly making ‘misleading and deceptive’ claims about its carbon emissions reductions and its ‘net zero’ claims.