Shell Faces Hard Times, Sacks 10,000 Workers

Royal Dutch Shell Plc faces hard times as the oil giant sacks 10,000 workers.

This becomes imperative due to the falling oil prices and to also help the oil giant stay in business.

Yahoo business news reports that Shell’s drive to improve competitive performance is delivering at the bottom line.

In 2015, Shell’s operating costs reduced by $4 billion, that is around 10% and the company Shell’s costs is expected to fall again in 2016 by a further $3 billion.

The oil giant explains that the synergies from the BG combination would necessitate a reduction of some 10,000 staff and direct contractor positions in 2015 and 2016 across both companies, as streamlining and integration of the two companies continue.

When Shell announces its results on 4 February 2016, it fourth quarter 2015 earnings on a current cost of supplies (“CCS”) basis excluding identified items was in the region of $1.6 – 1.9 billion.

In recent times, Shell has been posing poor results including upstream of $0.4 – 0.5 billion, Integrated Gas between $1.6 and 1.9 billion, downstream of $1.4 – 1.6 billion, of which oil products take between $1.3 and 1.4 billion, and chemicals ($0.1 – 0.2 billion).

Full year earnings for 2015 on a CCS basis excluding identified items are expected to be in the region of $10.4 – 10.7 billion.

The post Shell Faces Hard Times, Sacks 10,000 Workers appeared first on Nigeria News today & Breaking news | Read on NAIJ.COM.