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Wed Sep 30, 2020, 06:16 AM

Shell plans to cut up to 9,000 jobs as oil demand slumps

Source: AP

LONDON (AP) — Royal Dutch Shell said Wednesday it’s planning to cut between 7,000 and 9,000 jobs worldwide by the end of 2022 following a collapse in demand for oil and a subsequent slide in oil prices during the coronavirus pandemic.

The oil company said around 1,500 employees have already agreed to take voluntary redundancy this year and that it’s looking at a raft of other areas where it can cut costs, such as travel, its use of contractors and virtual working. Overall, it said it expects the cost-cutting measures to secure annual cost savings of between $2 billion and $2.5 billion by 2022.

“We have to be a simpler, more streamlined, more competitive organization that is more nimble and able to respond to customers,” Ben van Beurden, the company’s chief executive, said. “To be more nimble, we have to remove a certain amount of organizational complexity.”

In June, rival BP said it was cutting around 10,000 jobs from its workforce to cope with the impact of the virus.


Read more: https://apnews.com/article/virus-outbreak-archive-1d2c87f4254e1610c19b5a1a28ee8eef

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Reply Shell plans to cut up to 9,000 jobs as oil demand slumps (Original post)
Omaha Steve Sep 30 OP
Sherman A1 Sep 30 #1
Maxheader Sep 30 #2
modrepub Sep 30 #3

Response to Omaha Steve (Original post)

Wed Sep 30, 2020, 06:20 AM

1. Just the beginning

Of much more to come.

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Response to Omaha Steve (Original post)

Wed Sep 30, 2020, 07:06 AM

2. be nice to have the ability...



To exist without petroleum products....imho...

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Response to Omaha Steve (Original post)

Wed Sep 30, 2020, 09:44 AM

3. The Oil Extraction Business Model Is Highly Leveraged

Boom and bust has been going on ever since oil was first "discovered" in NW Pennsylvania. The Drake well was the first well to use iron casings and steam power. The owner went through all of his New England investor's money and took out a house mortgage before he finally hit oil. The well was out of business within five years (it was disassembled and sent to Philadelphia for the country's Centennial Celebration before probably disappearing into people's fire places) because the price of oil collapsed when everyone else sunk their own wells. That's been the story ever since. Find an oil reserve, get a bank loan to pay for extraction and hope you pay it off before the price of oil goes down or interest rates go up.

Someone should add up all the money lost during oil busts to show everyone how much money society has squandered instead of finding more sustainable energy sources and/or increasing the efficiency in which we use our energy resources.

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