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Shell to axe up to 9,000 jobs in restructuring

The job losses would save the group between US$2.0 to $2.5 bn annually by 2022

Royal Dutch Shell -

Royal Dutch Shell PLC (LON:RDSB) has confirmed it is cutting between 7 to 9,000 jobs as part of restructuring programme throughout the oil and gas giant.

Shell said the job losses would save the group between US$2.0 to $2.5 bn annually by 2022 and be the major part of a programme to cut the group’s overheads by US$3to US$4bn by first quarter 2021.

Around 1,500 of the staff who are leaving will take voluntary redundancy, Shell said in a third-quarter trading update.

The FTSE100 group added that margins in its integrated gas business in the past three months had been affected by much lower prices, which have lagged the price of crude oil by about six months.

Hurricanes in the Gulf of Mexico had had also reduced oil production by about 60-70,000 barrels per day to between 2,150- 2,250, Shell said.

In the oil products arm, refining margins would be significantly lower than in the second quarter, said the Anglo-Dutch group, though marketing margins were higher.

Shell added it would also take between US$1-1.5bn as post-tax impairment charges in the third-quarter numbers.

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