Shell announces heavy job losses

THE HAGUE, February 4, 2016 – Anglo-Dutch oil major Shell has confirmed it will cut as many as 10,000 jobs as a response to a dramatic fall in profits. The company recorded USD 1.8 billion in profits over the fourth quarter of 2015, down from USD 4.2 billion over the same period in 2014. Full-year earnings plummeted from USD 22.6 billion in 2014 to USD 10.7 billion last year, making it Shell’s worst decline in earnings in 13 years.

Oil majors have been hit hard by the drop in oil prices. BP’s 2015 full-year earnings were down 51 percent. ExxonMobil saw a similar drop, with earnings over 2015 estimated at USD 16.2 billion, down from USD 32.5 billion.