Home Entertainment Gists Oil Giant Shell To Sack 10,000 Workers
Oil Giant Shell To Sack 10,000 Workers

Oil Giant Shell To Sack 10,000 Workers

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Shell-Nigeria

Shell’s drive to improve competitive performance is delivering at the bottom line. Operating costs have reduced by $4 billion, or around 10 per cent in 2015, and the company expects Shell’s costs to fall again in 2016 by a further $3 billion.

Synergies from the BG combination will be in addition to that. Together, these actions will include a reduction of some 10,000 staff and direct contractor positions in 2015-16 across both companies, as streamlining and integration of the two companies continue.

When Shell announces its results on 4 February 2016, Shell’s fourth quarter 2015 earnings on a current cost of supplies (“CCS”) basis excluding identified items are expected to be in the region of $1.6–1.9 billion.

This includes Upstream of $0.4–0.5 billion, of which Integrated Gas some $1.6–1.9 billion, and Downstream of $1.4–1.6 billion, of which oil products some $1.3–1.4 billion and chemicals some $0.1–0.2 billion. Full year 2015 earnings on a CCS basis excluding identified items are expected to be in the region of $10.4 – 10.7 billion.

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