Royal Dutch Shell is preparing to overhaul its structure in response to low oil prices and to position itself for a greener future. Ben van Beurden, 62, chief executive of the Anglo-Dutch energy group, warned employees in an internal video that jobs would be lost in the restructuring, but declined to give any numbers. A source told the Reuters news agency that Shell would “announce the new shape of the organisation by the end of the year”, with the changes not taking effect until 2021. Shell, which reported profits of $15 billion last year, employs about 86,000 people globally. It cut its dividend in the last quarter for the first time since the Second World War and said in March that it would cut operating costs by up to $4 billion over the next 12 months, as well as making $5 billion of capital expenditure cuts.
Times 24th June 2020 read more »