Energy & Science
Shell to Cut Up to 9,000 Jobs as Virus Accelerates Overhaul
- Oil major will slash as much as 11% of its global workforce
- Impairment charges expected to be $1 billion to $1.5 billion
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Royal Dutch Shell Plc will cut as many as 9,000 jobs as crude’s crash forces billions of dollars in cost savings and the oil and gas giant overhauls its business to embrace clean energy.
The move reflects the challenge facing Big Oil as the virus pandemic persists, with some in the industry believing the era of demand growth is already over. As the crisis hastens the shift to low-carbon energy, oil majors are axing jobs, taking multibillion-dollar writedowns and slashing once-sacrosanct dividends.