Oil giant Royal Dutch Shell has announced it is to shed 6,500 jobs as part of cost cutting plans.
30 July 2015
The company said the cost cutting was to help “mitigate the impact” on profits amidst a drop in oil prices.
Its “prudent approach” included a reduction in operating costs of $4bn and reduced oil exploration operations.
The company announced profits of $3.4bn in the three months to 30 June, a 35% decrease compared with last year.
Shell also said that it was “planning for a prolonged downturn” in oil prices.
Shell chief executive Ben van Beurden said: “We have to be resilient in a world where oil prices remain low for some time, whilst keeping an eye on recovery.
“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.”
It also announced that it was selling a 33% stake in its Japanese business, Showa, to petrochemical group Idemitsu for about $1.4bn.
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