Shell is set to implement significant workforce reductions as part of a broader strategy aimed at streamlining operations and enhancing profitability. The planned cuts, which are expected to affect around 20% of the company’s workforce within its oil and gas exploration and development divisions, mark a pivotal move by CEO Wael Sawan to refocus the company’s priorities amid evolving industry challenges.
https://thedeepdive.ca/shell-to-slash-20-of-workforce-in-major-restructuring-drive/
Shell to Slash 20% of Workforce in Major Restructuring Drive
byu/OkLiterature9978 inwallstreetbets
Posted by OkLiterature9978
20 Comments
Is it just me or is 20% a lot.
RECESSION IS TEMPORARY !
So how many people is that?
It’s 20%…. for now
That’s a lot of employees
20% in the gas and oil exploration units not whole company? Dum dum!
Let me guess *which* 20% will be gone… hint, it rhymes with “lite dollar”.
They just need to stop paying c3.ai cuz it’s f’ing up their entire supply chain
> The UK government’s decision to raise the windfall tax on oil and gas profits by 3%, bringing the effective tax rate to 78%, has significantly impacted Shell’s operations in the region.
Holy cannoli that’s a lot of bologna
How fucking badly run do you have to be to have to cut 20% of your core departments in one go?
No wonder their stock has been going nowhere for 25 years…
Diesel prices are dropping faster
than regular gasoline prices
Recession is imminent
they make everybody re apply for their jobs every 3 years… I know people who work there, they’re very much aware of it… in the process, some percentage gets let go,
could be something else but it sounds like it’s just that
Big Oil should not exist, they make billions stealing what belongs to every citizen of the country.
Cutting the workforce is the *easiest* thing to see reduced costs on a balance sheet. And the *hardest* to see how it impacts future revenue.
Gotta make sure they have money for that $3.5 billion share buyback announced earlier in the year. 😑
“Maintaining profitability” is code for keeping at their highest level of profit EVER.
Pivotal move. lol.
Shell? 20%?? I thought recession was cancelled
few years ago shell announced plans to go green. then changed their minds.
what’s an oil/gas company gonna sell if they don’t sell oil/gas?
largest % of employees are in asia (38%), then europe (32%)
Calls
It’s ok. The EV industry will absorb them 