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Woodside Petroleum CEO Peter Coleman. Image courtesy of Woodside Energy/Youtube.

Australia-based Woodside Petroleum is reportedly cutting 300 jobs and freezing pay in response to low oil prices.

“Woodside has completed a business review to address the impact of the downturn in the commodities market. The outcome is that about 300 roles will be made redundant,” Woodside CEO Peter Coleman said in an email to staff obtained by the West Australian.

The company has not disclosed the units expected to be hit by the layoffs.

Pay raises will be frozen throughout the company until at the third quarter of 2015 when the freeze will be reviewed.

Coleman warned last month that job cuts might be necessary to trim costs as oil prices continue to hover near five year lows.

The company said in February that it would reduce its exploration budget by about 20 percent down to $500 million and also cut operating expenses by about 15 percent.

Woodside reported a full year 2014 net profit after tax of $2.4 billion, a 38 percent spike over 2013, and a record full year production level of 95.1 million barrels of oil equivalent.