The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Mining / Quarrying Mining And Quarrying Extraction Of Crude Petroleum And Natural Gas 06.1 - Extraction of crude petroleum
10,000 jobs Number of planned job losses
Announcement Date
4 February 2016
Employment effect (start)
4 February 2016
Foreseen end date
31 December 2016
Description
The continuing low price of oil (dropping from $115 dollars per barrel in 2014 to $35 in February 2016) has resulted in Shell announcing 10,000 job cuts over the coming year, 2800 of which are coming as a direct result of Shell's $68 billion takeover of Dutch Gas Company BG group. The majority of these 2800 will come in the UK, USA, and Australia, where Shell and BG both have operations and there is overlap and duplication of roles. Shell's profits are currently at a 13 year low, having fallen 80% in that time. Shell hope that this streamlining and reduction following the takeover will maintain the shareholder dividend this year at 2015's figure of $1.88 per share, and the announcement resulted in a 6% increase in share prices on the day of the announcement. Shell has undertaken additional spending cuts, reducing operating costs by $4 billion in 2015, as well as reducing capital spending by 23% and planning to sell $30 billion of assets in 2016.
Sources
4 February 2016: BBC News
5 February 2016: The Independent
Citation
Eurofound (2016), Shell, Internal restructuring in World, factsheet number 86425, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86425.
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