Royal Dutch Shell Announces Cuts Of Between 7,000 And 9,000 Jobs, +/- 10% Of Global Workforce

[hatrack]

Royal Dutch Shell has said it plans to cut 7,000 to 9,000 jobs as it responds to challenges including the slump in oil demand amid the Covid-19 pandemic. The oil giant said the cuts would be implemented by 2022 and included 1,500 people who were taking voluntary redundancy.

It gave no indication of where the job losses would happen. The move comes five months after it cut its dividend for the first time since World War Two.

Shell chief executive Ben van Beurden said the job cuts were "the right thing to do for the future of the company" as it strives to become a net-zero emissions energy business.

Shell employs 83,000 people worldwide, including 6,000 in the UK. It has been hit by a substantial drop in profits since the pandemic struck. It saw a 46% fall in first-quarter net income to $2.9bn (£2.3bn), while second-quarter income fell 82% to $638m.

EDIT

https://www.bbc.com/news/business-54351815

[Sherman A1]

1. This is just the start

with much more to come.

[Trumpocalypse]

3. FYI

[lapfog_1]

2. I just interviewed a soon to be ex-oil company person

His team used to be around 30 people... he is one of only 4 that are left.

[Calculating]

4. Covid has devastated the oil industry

No travel, cruising, flights down big, etc

[lapfog_1]

5. not to mention the price war between Putin and the Saudis

that was an attempt to kill off the US (Permian basin) and the Canadian (tar sands) projects by dropping the price of oil well below the cost to produce oil in North America.