Royal Dutch Shell (RDS.A, RDS.B) will slash up to 9,000 jobs, or over 10% of its workforce, as it nears the end of a global restructuring review designed to position it for a green energy transition.

“We have to be a simpler, more streamlined, more competitive organization,” CEO Ben van Beurden declared. “We feel that, in many places, we have too many layers in the company: too many levels between me, as the CEO, and the operators and technicians at our locations.”

The move adds to the growing list of major announcements this year which has seen Big Oil slash dividends, take multibillion-dollar writedowns and ax jobs following oil’s coronavirus-induced plunge.

In June, BP said it planned to cut 10,000 jobs as it moved into cleaner energy, Chevron intends to trim 10% -15% of its global workforce, while Exxon Mobil is reviewing staffing country by country.

On the operations side of things, Shell said its oil and gas production was set to drop sharply in Q3 to around 3,050 barrels of oil equivalent per day, refining margins will be “significantly” lower than in Q2 and it sees post-tax impairment charges of $1B-$1.5B.


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