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Shell Job Cuts

Shell Revels in Petro Profits as World Pleads for Climate Mercy

Nov 2nd, 2023
by John Donovan.
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Posted by John Donovan: 2 November 2023

In a spectacle of corporate jubilation, Shell has flaunted a $6.2 billion profit bonanza, much to the horror of environmentalists and the delight of shareholders rubbing their hands in glee. As if mother nature hadn’t suffered enough, Shell has profited handsomely from the oil price bounce, a merry-go-round fueled by Opec+’s crafty production cuts and the sad ongoing soap opera of global conflicts.

This show of profits, a slight dip from last year’s staggering $9.4 billion—when oil prices soared amidst the heart-wrenching drama of Russia’s invasion of Ukraine—still paints a rosy picture for Shell’s ledger. It seems the oil barons have found their silver lining in the dark clouds of geopolitical turmoil, with the World Bank casting a doomsday prophecy of oil prices potentially skyrocketing to an eye-watering $150 a barrel. read more

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Shell’s Loving Embrace of Efficiency: Contractors, Who Needs ‘Em?

Oct 20th, 2023
by John Donovan.
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Posted by John Donovan: 20 October 2023

In the latest display of corporate generosity, Shell’s brand-new CEO Wael Sawan is ensuring that hundreds of IT contractors get the chance to experience the world outside of Shell’s illustrious doors. Why? Because nothing screams ‘performance, discipline, and simplification’ like letting a large portion of your workforce go! This strategic move is especially interesting considering permanent staff already find themselves in the minority within some IT teams. Efficiency or a fun game of musical chairs? You decide. read more

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Oil giant Royal Dutch Shell says it will take a £145m first-quarter hit from Texas freeze that left nearly 200 dead

Apr 7th, 2021
by John Donovan.
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Oil giant Royal Dutch Shell says it will take a £145m first-quarter hit from Texas freeze that left nearly 200 dead

  • Severe freezing weather hit Texas in February this year triggering many deaths
  • Millions of people were also left without power and Shell’s operations were hit 

By JANE DENTON FOR THISISMONEY

PUBLISHED: | UPDATED: 

Royal Dutch Shell has warned that the severe winter storm in Texas earlier this year looks set to hit its bottom line for the fist quarter.

In February, a snowstorm swept across Texas and swathes of North America, knocking out sections of the former’s electricity grid, leaving millions without power and nearly 200 people dead. read more

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Shell changes senior UK leadership in global overhaul

Mar 5th, 2021
by John Donovan.
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Shell changes senior UK leadership in global overhaul

Ron Bousso: Thu, 4 March 2021, 11:40 am·2-min read

LONDON (Reuters) – Royal Dutch Shell is changing the senior leadership of its operations in Britain as part of a global overhaul to cut costs and shift away from oil and gas to renewables and power.

Under the changes, which have been announced internally, country chair Sinead Lynch will become Shell’s global head of low-carbon fuels, a company spokeswoman said.

Lynch, who joined the Anglo-Dutch company in 2016 following its acquisition of BG Group, will be replaced by David Bunch who currently runs Shell’s retail business across Europe and South Africa. Bunch joined Shell in 1997. read more

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Shell unveils green strategy after oil output peak

Feb 20th, 2021
by John Donovan.
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Shell unveils green strategy after oil output peak

Energy giant Royal Dutch Shell declared Thursday that its oil output is locked in decline after peaking in 2019 as it outlined green plans to switch away from fossil fuels.

Shell said in a statement that it will invest up to $6.0 billion (4.9 billion euros) per year in green energy projects developing and promoting biofuels, electric car charging and renewables.

More than half the amount could end up being spent on marketing, Shell said.

In addition, Shell plans to still invest $8 billion annually on new oil and gas exploration. read more

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Fact check: 9,000 Shell layoffs were announced prior to U.S. general election and Biden taking office

Feb 10th, 2021
by John Donovan.
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Fact check: 9,000 Shell layoffs were announced prior to U.S. general election and Biden taking office

By Reuters Staff: FEBRUARY 9, 2021

Posts circulating on Facebook claim that oil and gas giant Royal Dutch Shell will cut 9,000 jobs because of the Biden administration. Linking the move to Biden is misleading: the company announced plans to cut up to 9,000 positions in Sept. 2020 as part of efforts to shift to low-carbon energy and “simplify the company’s structure”, and the locations of the layoffs were not specified by a spokesperson for Shell, which operates in over 70 countries. read more

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Shell: What It Will Take To Be Investible Again

Jan 21st, 2021
by John Donovan.
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Conclusion: I Regard Shell As Uninvestable

Shell: What It Will Take To Be Investible Again

: Long Only, Deep Value, Growth, Foreign Companies: JAN 19, 2021

Summary

  • Shell’s dividend cut and unpredictability last year cost it a lot of shareholder confidence.
  • I outline three metrics I think show whether it’s investable again.
  • On all three metrics, I continue to see it as uninvestable with confidence.

U.K.-based oil major Shell (RDS.A, OTCPK:RYDAF) didn’t have a great time of it last year when it came to shareholder relations. With its mammoth dividend cut and poor signaling thereof before it was made, a lot of shareholders ditched the holding. I sold my entire stake and reinvested the proceeds in more Exxon Mobil (XOM).

Below, I outline what I think are the key challenges to Shell being investable at this point. read more

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Shell Malaysia to cut 250-300 upstream jobs

Jan 15th, 2021
by John Donovan.
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Shell Malaysia to cut 250-300 upstream jobs

Published date: 15 January 2021

Shell will cut 250-300 jobs from its upstream operations in Malaysia over the next two years, or around 2pc of the current workforce, calling it a necessary change to ensure it is “in a strong position to capture opportunities in the energy transition”.

Shell announced in September plans to cut 7,000-9,000 jobs over the next two years as part of a structural reorganisation to shift towards a low-carbon future. read more

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Oil giant Shell to axe 330 UK jobs due to covid restrictions – with thousands more to follow

Jan 12th, 2021
by John Donovan.
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Oil giant Shell to axe 330 UK jobs due to covid restrictions – with thousands more to follow

The move forms part of 9,000 jobs set to be axed across the business over the next two years following a collapse in demand for oil due to the ongoing coronavirus pandemic

BY Emma Munbodh: Deputy Money Editor
  • 13:31, 12 JAN 2021
  • UPDATED14:45, 12 JAN 2021

As well as cutting costs, Shell says it wants to be a net-zero emissions energy company by 2050

Shell is preparing to cut 330 UK jobs over the next two years as coronavirus continues to hit profits.

The oil giant said it plans to shed a quarter of its workforce in Aberdeen by December 2022. read more

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Royal Dutch Shell to cut more than 300 North Sea jobs

Jan 12th, 2021
by John Donovan.
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Royal Dutch Shell to cut more than 300 North Sea jobs

By Kevin Keane: BBC Scotland energy correspondent: 12 Jan 2021

The oil giant Royal Dutch Shell is to cut 330 jobs from its operations in the North Sea.

The company said most of the posts are based at its office in Aberdeen and will be lost over the next two years.

In September, it was announced that up to 9,000 jobs would go worldwide as the company responded to the slump in demand for oil.

Shell insists it remains committed to the North Sea and will continue to invest in its operations. read more

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Shell to lay off nearly 700 workers in Louisiana after refinery closes

Jan 5th, 2021
by John Donovan.
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Shell to lay off nearly 700 workers in Louisiana after refinery closes

Paul TakahashiJan. 4, 2021 Updated: Jan. 4, 2021 8:46 a.m. Royal Dutch Shell will lay off 698 workers as it closes its Convent refinery in Louisiana, part of a company effort to reduce carbon emissions.

The layoffs will begin in March and be completed by the end of August when the plant closes, according to information filed with the Louisiana workforce commission last month.

“The decision is part of the company’s global strategy to invest in a core set of uniquely integrated manufacturing sites that are also strategically positioned for the transition to a low-carbon future,” the Hague-based company said in November, when it began shutting down the refinery after failing to find a buyer for it. read more

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Questor: profit warnings, dividend cut and share price fall – Shell has all a contrarian could want

Jan 5th, 2021
by John Donovan.
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Questor: profit warnings, dividend cut and share price fall – Shell has all a contrarian could want

Questor share tip: oil stocks have been laid low by the slump in crude prices – but such weakness sows the seeds of its own demise

EXTRACTS A trading alert released just before the Christmas break capped a torrid year for Royal Dutch Shell and left shareholders with a quandary.

After all, here we have a company that has issued profit warnings, seen the price of its core products collapse, cut its dividend for the first time in several decades and suffered a share price plunge. What is not to like, from the point of view of a dyed-in-the-wool contrarian?  read more

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Shell Crown Prince: ‘We must show more predictable financial results’

Jan 1st, 2021
by John Donovan.
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Translation of an article published by the Dutch financial newspaper, the FD. 

Shell Crown Prince: ‘We must show more predictable financial results’

Shell has had a bad year. The global corona pandemic left a huge hole in the financial results. The oil and gas multinational had to write off more than $20 billion on oil and gas fields and announced it would cut thousands of jobs.

Bert van Dijk 31 Dec ’20

Huibert Vigeveno is in charge of all Shell refineries and petrol stations. These will play a key role in the coming years, expects the 51-year-old Dutchman, tipped as a successor to Shell CEO Ben van Beurden. About CO₂ emissions: ‘There is often a gap between what a company promises and what it actually does. With us it is the other way around. ‘ read more

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Shell details its layoff of hundreds at Convent site in 2021; full shutdown set for August

Dec 29th, 2020
by John Donovan.
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Shell details its layoff of hundreds at Convent site in 2021; full shutdown set for August

Shell plans to begin layoffs for nearly 700 workers in March at its Convent oil refinery, which it expects to fully shut down in August.

The Louisiana subsidiary of Royal Dutch Shell, Equilon Enterprises LLC, previously had announced layoffs but has now filed an official notice with the Louisiana Workforce Commission outlining its plans. 

Shell looks to lay off all 698 workers at the refinery, 340 of whom are represented by a union, according to the letter. read more

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Shell to close Singapore base oil unit in 2022

Dec 23rd, 2020
by John Donovan.
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Shell to close Singapore base oil unit in 2022

Published date: 23 December 2020

Shell plans to close the Group I base oil unit at its 500,000 b/d Pulau Bukom refinery in Singapore amid moves to scale back its fuel-based product slate at the plant.

The company said last month it planned to cut around 250,000 b/d of refining capacity in Singapore as part of its shift to lower-carbon alternatives.

It also plans to close the 380,000 t/yr base oil unit at the refinery from July 2022.

The shutdown would come just a year after the closure of Galp’s 110,000 b/d Porto refinery in Portugal next year. Galp announced that plan earlier this week. The refinery is home to a 185,000 t/yr Group I base oil unit. read more

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Green transition friction prompts wave of resignations at Shell

Dec 10th, 2020
by John Donovan.
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Green transition friction prompts wave of resignations at Shell

Dec. 09, 2020 5:26 AM ETRoyal Dutch Shell plc (RDS.A)By: Yoel Minkoff, SA News Editor46 Comments

  • Royal Dutch Shell (RDS.A, RDS.B) has been hit by the departure of several clean energy executives amid a split over how aggressively the oil giant should shift towards greener fuels, FT reports.
  • Those include Marc van Gerven, who headed the solar, storage and onshore wind businesses, Eric Bradley, who worked in Shell’s distributed energy division, and Katherine Dixon, a leader in its energy transition strategy team. Other top executives are due to leave the company, though not every move is known to be linked to the pace of change.
  • The wave of resignations come shortly before Shell is set to announce a strategy update in February, spelling out how it plans to become a net zero emissions business.
  • In August, rival BP (NYSE:BP) said it would shrink oil and gas output by 40% over the next decade, a move analysts predict will force Shell down a similar path.
  • Premarket: RDS.A +3.1%; RDS.B +2.9%.
    • read more

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