Royal Dutch Shell is looking to slash up to 40% off the cost of producing oil and gas in a major drive to save cash so it can overhaul its business and focus more on renewable energy and power markets, sources told Reuters.
FILE PHOTO: A Shell oil and gas sign is pictured near Nowshera, Pakistan's northwest Khyber-Pakhtunkhwa Province Sept. 8, 2010. REUTERS/Morteza Nikoubazl/File Photo
“We had a great model but is it right for the future? There will be differences, this is not just about structure but culture and about the type of company we want to be,” said a senior Shell source, who declined to be named. Shell now wants to focus its oil and gas production on a few key hubs, including the Gulf of Mexico, Nigeria and the North Sea, the sources said.
The review, which company sources say is the largest in Shell’s modern history, is expected to be completed by the end of 2020 when Shell wants to announce a major restructuring. It will hold an investor day in February 2021. Shell’s operating costs, which include production, manufacturing, sales, distribution, administration and research and development expenses, fell by 15%, or roughly $7 billion, between 2014 and 2017.
Van Beurden said in July that Shell was on track to deliver $3 billion to $4 billion in cost savings by the end of March 2021, including through job cuts and suspending bonuses.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Exclusive: Shell launches major cost-cutting drive to prepare for energy transitionRoyal Dutch Shell is looking to slash up to 40% off the cost of producing oil and gas in a major drive to save cash so it can overhaul its business and focus more on renewable energy and power markets, sources told Reuters.
Weiterlesen »
Exclusive: Shell launches major cost-cutting drive to prepare for energy transitionRoyal Dutch Shell is looking to slash up to 40% off the cost of producing oil and gas in a major drive to save cash so it can overhaul its business and focus more on renewable energy and power markets, sources told Reuters.
Weiterlesen »
Earthquake preparedness tips — for your pets: How to keep them safeWhen preparing for an earthquake, don't forget your pets! Here's what you need to know about keeping your furry family members safe too.
Weiterlesen »
Want to retire rich? Start by unlearning some conventional wisdomWant to retire rich? Start by unlearning some conventional wisdom, says ClementsMoney: (OPINION)
Weiterlesen »
Is Mortadella the Best Cold Cut? (Is That Even a Question?)Everything you need to know about this classic Italian cold cut.
Weiterlesen »
Black Fashion Fair Launches One-Stop Shop for Black DesignersAntoine Gregory launches Black Fashion Fair, a multimedia platform highlighting Black designers.
Weiterlesen »