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Shell plc (NYSE:SHEL) reportedly plans to reduce its oil and gas exploration and development workforce by 20%.
This move follows significant reductions in the renewables and low-carbon businesses, reported Reuters.
As per the report, the proposed 20% reduction is contingent upon consultations with employee representative bodies.
The restructuring of Shell’s exploration, wells development, and subsurface units will result in hundreds of job cuts globally, with notable impacts on its offices in Houston, The Hague, and, to a lesser extent, Britain.
The report quoted Shell as saying, “Shell aims to create more value with less emissions by focusing on performance, discipline, and simplification across the business. That includes delivering structural operating cost reductions of $2-3 billion by the end of 2025.”
Recently, Shell has reduced operations in offshore wind, solar, and hydrogen, and has sold off retail power businesses, refineries, and certain oil and gas production assets, including those in Nigeria.
Shell and PetroChina joint venture, Arrow Energy, recently revealed plans to develop Phase 2 of the Surat Gas Project in Queensland, Australia.
This month, the company reported second-quarter revenue of $74.46 billion, beating consensus of $61.33 billion.
Shell stock has gained around 16% in the last 12 months. Investors can gain exposure to the stock via Macquarie ETF Trust Macquarie Energy Transition ETF (NYSE:PWER) and VanEck Natural Resources ETF (NYSE:HAP).
Also Read: Gevo And Shell Team Up To Drive Green Revolution In Motorsports: Details
Price Action: SHEL shares are up 0.60% at $72.38 at the last check Thursday.
Photo courtesy: Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
