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Shell layoffs hit New Orleans as oil prices dive
Posted on 8/20/15 at 7:59 am
Posted on 8/20/15 at 7:59 am
According to newspaper reporter (in the comments section of linked article), approximately 695 jobs will be cut in New Orleans.
Layoffs, BAW
Layoffs are starting to hit New Orleans as Royal Dutch Shell moves forward with plans to eliminate 6,500 jobs worldwide. The cuts come as Shell seeks to cut costs amid lower oil and gas prices.
Shell spokeswoman Kimberly Windon confirmed in an email the company has started to cut jobs at its New Orleans and Houston offices, though it is not providing a "specific breakdown of workforce numbers."
About 2,300 Shell employees and contractors are at One Shell Square on Poydras Street, and the majority support Shell's drilling and exploration operations in the deepwater Gulf of Mexico. Windon said the deepwater segment "continues to be an important part of the Shell global portfolio."
"We had to make some difficult decisions in an effort to reduce costs while seeking opportunities to improve efficiencies and ensure long-term competitiveness and profitability," Windon said.
According to sources at One Shell Square, employees and contractors in New Orleans were told earlier this month that Shell plans a 30 percent cut to its local workforce by November. The sources asked not to be named out of concern for their jobs.
Sources said Shell has started to offer severance packages to senior workers.
Windon said the New Orleans cuts are "part of a global reduction" and, as such, the company is not disclosing workforce numbers specific to each market.
Royal Dutch Shell, based in Holland, said July 30 it would cut its capital investment and reduce its global workforce by 6,500 positions as falling oil prices continue to undercut profit. Shell employs about 94,000 worldwide.
Shell reported $3.8 billion in second quarter earnings, down from $6.1 billion during the same period in 2014.
Oil prices reached $40.77 per barrel in futures trading Wednesday morning -- their lowest level since March 2009 and down from $92 a year ago.
Layoffs, BAW
Layoffs are starting to hit New Orleans as Royal Dutch Shell moves forward with plans to eliminate 6,500 jobs worldwide. The cuts come as Shell seeks to cut costs amid lower oil and gas prices.
Shell spokeswoman Kimberly Windon confirmed in an email the company has started to cut jobs at its New Orleans and Houston offices, though it is not providing a "specific breakdown of workforce numbers."
About 2,300 Shell employees and contractors are at One Shell Square on Poydras Street, and the majority support Shell's drilling and exploration operations in the deepwater Gulf of Mexico. Windon said the deepwater segment "continues to be an important part of the Shell global portfolio."
"We had to make some difficult decisions in an effort to reduce costs while seeking opportunities to improve efficiencies and ensure long-term competitiveness and profitability," Windon said.
According to sources at One Shell Square, employees and contractors in New Orleans were told earlier this month that Shell plans a 30 percent cut to its local workforce by November. The sources asked not to be named out of concern for their jobs.
Sources said Shell has started to offer severance packages to senior workers.
Windon said the New Orleans cuts are "part of a global reduction" and, as such, the company is not disclosing workforce numbers specific to each market.
Royal Dutch Shell, based in Holland, said July 30 it would cut its capital investment and reduce its global workforce by 6,500 positions as falling oil prices continue to undercut profit. Shell employs about 94,000 worldwide.
Shell reported $3.8 billion in second quarter earnings, down from $6.1 billion during the same period in 2014.
Oil prices reached $40.77 per barrel in futures trading Wednesday morning -- their lowest level since March 2009 and down from $92 a year ago.
This post was edited on 8/20/15 at 8:01 am
Posted on 8/20/15 at 8:02 am to nawlinsbrah
Glad my ford raptor and Dodge Viper are both paid off.
Posted on 8/20/15 at 8:03 am to nawlinsbrah
Surely the employees there have seen the writing on the wall for some time. Hope they have saved for this.
Posted on 8/20/15 at 8:04 am to nawlinsbrah
quote:
Shell reported $3.8 billion in second quarter earnings, down from $6.1 billion during the same period in 2014
Wow how can they survive on just $3.8Billion
Posted on 8/20/15 at 8:04 am to TigerHam85
and yet their CEO's will make billions and billions this year
Posted on 8/20/15 at 8:06 am to TigerHam85
I only have a raptor. But I got a SxS too both paid pff
Posted on 8/20/15 at 8:07 am to biglego
100,000 employes worldwide. I'm sure 30% profit goes into R&D. So think about that
Posted on 8/20/15 at 8:08 am to Nado Jenkins83
I know this sucks for people that are being laid off but on the bright side, I have been dumping an extremely considerable amount of money into oil and gas stocks.
In time, the cost will go back up and I will make a crap load of money.
So it's not completely terrible
In time, the cost will go back up and I will make a crap load of money.
So it's not completely terrible
Posted on 8/20/15 at 8:08 am to monsterballads
quote:
and yet their CEO's will make billions and billions this year
Wut
Posted on 8/20/15 at 8:08 am to nawlinsbrah
If you take away their new trucks and expense accounts more jobs could be saved
Posted on 8/20/15 at 8:10 am to biglego
quote:
Wow how can they survive on just $3.8Billion
If it was $3.8 billion in profits, you might be on to something.
Posted on 8/20/15 at 8:10 am to To the Dome
Scientists get company trucks?
Posted on 8/20/15 at 8:12 am to nawlinsbrah
I guess Ronnie Lamarque is gonna have a warehouse full of surplus F250s now
Posted on 8/20/15 at 8:12 am to To the Dome
Why do people make comments like this about things they know nothing about?
Posted on 8/20/15 at 8:13 am to notiger1997
To piss people like you off
Posted on 8/20/15 at 8:14 am to Horsemeat
No it's not. Why are people so stupid. The gov is just gonna hike up road taxes. Which our infrastructure sucks so in theory it sounds good. But they won't spend that money on roads. They will give it to lazy people
Posted on 8/20/15 at 8:15 am to nawlinsbrah
The company I was interning at had performance reviews 3 weeks ago, and just let go 1/5th of their employees last week. Now I've got to justify to them why it is a good idea to hire cheap labor. I should get it back, but after talking to the owner of that company, jobs in my market (Mechanical Engineering) are slim pickings right now since everyone is trimming the fat across the board.
Posted on 8/20/15 at 8:17 am to LNCHBOX
It was $3.8 Billion in profits
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