Santos to Cut Workforce by 10% After Slump in Annual Profit

Santos Ltd. is targeting a 10% headcount reduction after Australia’s second-biggest natural gas producer reported a slump in profit on lower oil and gas prices.

The layoffs will include short-term staff and contractors as major projects are completed and the company pursues cost savings, Chief Executive Officer Kevin Gallagher said in an interview on Wednesday. Santos has about 4,000 employees, according to the filing.