Daily Management Review

Shell to lay off up to 9,000 employees


The British-Dutch Royal Dutch Shell announced that it will write off $ 1-1.5 billion in the 3rd quarter due to the depreciation of assets. By the end of 2022, the company will reduce its staff by 7000-9000 people.

Mike Mozart
Mike Mozart
Including, by the end of 2020, 1,500 employees will leave Shell of their own free will.

So far, the company employs about 83,000 people, according to FactSet.

Shell said its organizational simplification measures would help achieve $ 2-2.5 billion in annual savings by 2022.

The company also reported that production for the third quarter is estimated at 2.15-2.25 million barrels of oil equivalent per day. This figure includes a loss of 60-70 barrels a day due to hurricanes in the Gulf of Mexico.

The refinery load in July-September was 64-68%. Petroleum product sales are expected to range from 4 million to 5 million barrels per day.

Shell shares rose more than 2% during trading in London on Wednesday. Since the beginning of this year, the company's capitalization has dropped by 55%.

source: ft.com