Shell Considers Job Cuts In Oil And Gas Workforce: Report
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Shell plans to cut 20% of its oil and gas workforce following prior cutbacks in renewables and low-carbon sectors. The reductions are part of a restructuring affecting its exploration, wells development, and subsurface units, with significant layoffs expected globally, particularly in Houston and The Hague. Shell emphasizes creating more value with lower emissions, targeting a structural cost reduction of $3 billion by the end of 2025. The company also reported a strong second-quarter revenue and a 16% stock increase over the past year.
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