According to a report from Reuters, oil supermajor Shell is planning to reduce its oil and gas exploration and development staff by 20%
Oil supermajor Shell NYSESHEL is planning to reduce its oil and gas exploration and development staff by 20%, according to an exclusive report from Reuters, citing intentions to cut costs to what has long been a wildly profitable segment of the oil giant’s business. The new cuts follow Shell ’s earlier moves to reduce its workforce and costs in the renewable and low-carbon segments.
That includes delivering structural operating cost reductions of $2-3 billion by the end of 2025,' Shell said in a statement carried by Reuters. On August 1, Shell reported adjusted earnings of $6.3bn for the second quarter, beating analyst consensus. The company initiated a $3.5bn share buyback program, to be completed by the third quarter results.
BP Oil Majors Oil Gas Upstream Exploration
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