(Adds details from paragraph 2)
March 28 (Reuters) - Australian oil and gas producer Beach Energy (BPT) will layoff 30% of its workforce as part of a strategic review to achieve efficiency and save operational costs, it said on Thursday.
The company said last month said it was undertaking a comprehensive review to reset the business, increase its margins and save costs. It reported cost of sales of A$689.4 million ($451 million) in the first half of 2024, compared to A$532.3 million a year ago.
The first stage of the review has been completed with a new asset-based organisational structure to be implemented by April 8, it said.
As a part of the new structure, several members of its current executive team will leave over the coming months while new appointments are underway, it said.
($1 = 1.5288 Australian dollars)
News: BPT UPDATE 1-Australia's Beach Energy to cut 30% jobs in cost-saving move
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