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Beach Energy undergoes strategic review

Beach review

Beach Energy has completed the first stage of the strategic review with a new asset-based organisational structure to be implemented by 8 April 2024.

The company is undertaking a comprehensive strategic review which aims to reset the business, deliver increasing returns to shareholders and drive efficiency.

New executive leadership appointments are underway and will be announced once all positions have been confirmed.

“Our new organisational structure will bring sharpened focus on our core assets as we strive to become a dominant supplier of gas into Australia’s East Coast and West Coast markets,” Beach Energy director and chief executive officer Brett Woods said.

“It is imperative that Beach regains its status as a safe and efficient, low-cost operator by achieving structural reductions in operating costs and sustaining capital expenditure, including the announced reduction in headcount.”

Woods said the company aims to implement the new structure as soon as possible.

“Decisions about headcount reductions are not made lightly as we are highly cognisant of the personal impact organisational change can have on individuals and families,” Woods said.

“To minimise the personal impact we are committed to implementing the new structure as soon as possible.”

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