Oil, gas giant Shell cuts 6500 jobs

GMT 02:08 2015 Friday ,31 July

Arab Today, arab today Oil, gas giant Shell cuts 6500 jobs

Oil, gas giant
The Hague - XINHUA

Royal Dutch Shell suffered a decline of profit and revenue in the second quarter of 2015 and scheduled a total cut of 6,500 jobs, the Anglo-Dutch oil and gas giant stated Thursday.

The job cuts are part of a cost-cutting plan to counter falling oil prices. The operating cost reduction in 2015 totals 3.66 billion euros (4 billion U.S. dollars).

Shell, which currently employs around 94,000 people in more than 70 countries and regions, emphasized that the cuts are the total in 2015, comprising the sum of all new or already announced cuts.

Revenue decreased from 101.718 billion euros in Q2 last year to 66.215 billion in the second quarter of 2015. Including share of profit of joint ventures and associates, interest and other income, the total revenue in the second quarter was 105.5 billion euros in Q2 2014 and dropped to 67.7 billion euros in Q2 2015.

"We have to be resilient in a world where oil prices remain low for some time, whilst keeping an eye on recovery," Shell's CEO Ben van Beurden said during the presentation of the figures.

"We're taking a prudent approach, pulling on powerful financial levers to manage through this downturn, always making sure we have the capacity to pay attractive dividends for shareholders," said the CEO.

"In essence, we grow to simplify," he added. "The result should be a simpler, more profitable, resilient and competitive Shell, able to deliver better returns to shareholders. These are challenging times for the industry, and we are responding with urgency and determination, but also with a great sense of excitement for the future."

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