Monday 03 August 2020

Shell to cut 6,500 jobs this year

Shell gas stationAnglo-Dutch energy giant Shell is cutting 6,500 jobs this year as a result of low oil prices, the company said on Thursday.

Shell has a global workforce of some 94,000 but it is not yet clear where the job losses will fall. Both staff members and direct contractors will be affected.

‘Today’s oil price downturn could last for several years, and Shell’s planning assumptions reflect today’s market realities,’ chief executive Ben van Beurden said in a statement.

‘The company has to be resilient in today’s oil price environment, even though we see the potential for a return to a $70-$90 oil price band in the medium term.’

Shell’s second quarter 2015 earnings were $3.4bn compared with $5.1bn for the same quarter a year ago on a current cost of supplies basis.

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