{"id":4280,"date":"2015-01-09T06:53:32","date_gmt":"2015-01-09T11:53:32","guid":{"rendered":"http:\/\/olduvai.ca\/?p=4280"},"modified":"2015-01-09T06:53:32","modified_gmt":"2015-01-09T11:53:32","slug":"job-losses-writedowns-tipped-for-oil-and-gas-industry","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=4280","title":{"rendered":"Job losses, writedowns tipped for oil and gas industry"},"content":{"rendered":"<h3><a href=\"http:\/\/www.abc.net.au\/news\/2015-01-08\/job-losses-and-write-downs-tipped-for-oil-and-gas-industry\/6007666\" target=\"_blank\">Job losses, writedowns tipped for oil and gas industry<\/a><\/h3>\n<p class=\"first\">Widespread job cuts, writedowns and project delays are predicted for Australia&#8217;s oil and gas industry as it struggles to cope with falling oil prices.<\/p>\n<p>The price of oil has fallen by more than 50 per cent since August, to a low not seen since the global financial crisis in 2009.<\/p>\n<p>The price freefall has hammered the value of Australian companies and eaten into their profits.<\/p>\n<p>Peter Strachan, from Stock Analysis, said many companies were being forced to cut costs and axe jobs.<\/p>\n<p>&#8220;Over the Christmas period there was a bit of a hiatus, but I think in the next couple of weeks, we&#8217;ll see a lot more talk, a lot more action in the oil and gas industry to cut costs,&#8221; he said.<\/p>\n<p>Santos has already announced spending cuts across its business and Credit Suisse has predicted the company&#8217;s shares could become &#8220;worthless&#8221; if prices remain at current lows.<\/p>\n<p>Mr Strachan said many local companies had managed to remain cash-flow positive but they could not withstand the low prices forever.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Job losses, writedowns tipped for oil and gas industry Widespread job cuts, writedowns and project delays are predicted for Australia&#8217;s oil and gas industry as it struggles to cope with falling oil prices. The price of oil has fallen by more than 50 per cent since August, to a low not seen since the global [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[41,1729,1775,2518],"class_list":["post-4280","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-australia","tag-oil-and-gas-industry","tag-oil-price-collapse","tag-santos"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4280","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4280"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4280\/revisions"}],"predecessor-version":[{"id":4281,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4280\/revisions\/4281"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}