A year ago Royal Dutch Shell had a convincing strategy to thrive through the energy transition. The first energy major to outline emissions-cutting targets, it planned to slowly increase spending on low-carbon technologies while sustaining its legacy oil and gas businesses as it promised $125bn in investor payouts in coming years. Since then the Anglo-Dutch group has been forced into previously unthinkable moves, suspending share buybacks, slashing spending and cutting its dividend for the first time since the second world war as the pandemic hit earnings. Its shares have more than halved — and rivals have caught up on climate messaging.
FT 1st Oct 2020 read more »
Royal Dutch Shell is to cut up to 9,000 jobs over the next two years as it restructures for the shift to green energy. The Anglo-Dutch oil group, which employs about 83,000 people globally, said that it expected the job losses to help it to deliver annual cost savings of $2-$2.5 billion. The cuts include 1,500 staff who have already agreed to take voluntary redundancy this year, with the remainder to go by the end of 2022.
Times 1st Oct 2020 read more »