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Shell to cut about 20% of jobs in deals team, Bloomberg News reports
Posted on 3/13/24 at 1:52 pm
Posted on 3/13/24 at 1:52 pm
quote:
March 13 (Reuters) - Oil major Shell (SHEL.L), is planning to cut at least 20% of jobs in its deals team, in an effort to reduce costs, Bloomberg News reported on Wednesday, citing people with knowledge of the matter.
Staff in the division, which has several hundred employees handling mergers and acquisitions for Shell, were told that there would be a significant reduction in headcount, with further details to be communicated in April, the report said.
"Shell aims to create more value with less emissions by focusing on performance, discipline and simplification across the business," a spokesperson for the company said.
"Achieving those reductions will require portfolio high grading, new efficiencies and a leaner overall organisation."
Shell CEO Wael Sawan, who took the helm in January last year, has vowed to revamp the company's strategy to focus on higher-margin projects, steady oil output and grow natural gas production.
The company had said in October it would let go around 15% of the workforce at its low-carbon solutions division and scale back its hydrogen business as part of the CEO's drive to boost profits.
LINK /
Shell’s finally having the awakening that fossil fuels will still be king for a much longer time than “pundits” were saying. Not sure if BP will eventually have that same awakening, or if they’re too far gone.
8
Posted on 3/13/24 at 1:59 pm to ragincajun03
quote:
Not sure if BP will eventually have that same awakening
Pretty sure BP had made a stronger move back toward fossil fuels a few months before Shell did early last year.
But I haven't kept up to see if they have done any other meaningful moves.
Posted on 3/13/24 at 2:00 pm to ragincajun03
Couldn't see this coming.
Posted on 3/13/24 at 2:03 pm to ragincajun03
quote:
which has several hundred employees handling mergers and acquisitions for Shell
A lot of people to do something that is ultimately handled by an outside firm. I’m sure all of them believe they are essential though!
Posted on 3/13/24 at 2:04 pm to ragincajun03
I have a friend who works in a top management job and he said their new CEO is dismantling a lot of the feel good BS they were doing with environmental and DEI. Good for them. I know they sold one of their top refineries in Mobile a few years ago
, (under the old CEI), so they could say they reduced carbon emissions. So dumb.
, (under the old CEI), so they could say they reduced carbon emissions. So dumb.
Posted on 3/13/24 at 2:16 pm to Doctor Strangelove
Yeah, the old CEO really took some of that "green energy" too far too fast. It was not sustainable.
I think their Permian assets would be making good money for them right now if they hadn't sold.
I think their Permian assets would be making good money for them right now if they hadn't sold.
Posted on 3/13/24 at 2:18 pm to ragincajun03
frick shell norco
Posted on 3/13/24 at 2:20 pm to Doctor Strangelove
quote:
In May 2021, The Hague District Court in the Netherlands accepted the NGO’s arguments that Dutch law required Shell to align its business with the Paris Agreement objectives under the law’s “duty of care” obligation, and ordered the global oil giant to slash its CO2 emissions 45 percent by 2030. Importantly, the court’s historic ruling, which the corporation is appealing, applies not just to Shell’s direct emissions from extracting fossil fuels around the world, but also to those from using its products. (After the verdict, Royal Dutch Shell moved its headquarters from The Netherlands to the United Kingdom and dropped “Royal Dutch” from its legal name.)
Posted on 3/13/24 at 2:23 pm to tigahfan747
quote:internal transaction dd has to exist. bankers get paid to do deals, not pitch you value accretive ones.
A lot of people to do something that is ultimately handled by an outside firm. I’m sure all of them believe they are essential though!
but sure, keep telling yourself that your easily filled position is so much more crucial than corp dev.
This post was edited on 3/13/24 at 2:24 pm
Posted on 3/13/24 at 2:24 pm to ragincajun03
Shell cuts about 20% of staff around every 7 years.
Posted on 3/13/24 at 2:44 pm to ragincajun03
Change hurts you, doesn't it bubba?
Posted on 3/13/24 at 2:46 pm to ragincajun03
"We gambled egregiously wrong. Sorry low guy on totem pole."
Posted on 3/13/24 at 2:53 pm to tigahfan747
Yeah their job is necessary. I've sat through Investment Bankers presentations on potential acquisitons. They make every well look like it's the best one in the basin exaggerating IP by 40% EUR by 50%, lowering decline rates, assuming many more wells per section where in reality you'd get parent child interference. You need reservoir engineers and finance for oil upstream M&A. Investment bankers are slimy that just give a shite about selling it for as high as possible to get that 1% maybe 1.5 to 2% commission
Investment bankers are the shittiest kind of human beings in the world. Absolutely kiss arse to you as a buyer, when I've seen one of them grab an analyst and bring to hall and go belligerent on him because the color of a cm by cm rectangle on a pwpt was 04 38 174 instead of 04 38 173. None of us gave a shite or even noticed as the buyer. They're just shitty people at core. Greed
Investment bankers are the shittiest kind of human beings in the world. Absolutely kiss arse to you as a buyer, when I've seen one of them grab an analyst and bring to hall and go belligerent on him because the color of a cm by cm rectangle on a pwpt was 04 38 174 instead of 04 38 173. None of us gave a shite or even noticed as the buyer. They're just shitty people at core. Greed
This post was edited on 3/13/24 at 2:56 pm
Posted on 3/13/24 at 3:23 pm to thermal9221
quote:show me on the distillation column where the bad shell touched you
frick shell norco
Posted on 3/13/24 at 3:37 pm to notiger1997
quote:
the old CEO
frick that piece of shite.
Posted on 3/13/24 at 3:58 pm to Doctor Strangelove
quote:
I know they sold one of their top refineries in Mobile a few years ago , (under the old CEI), so they could say they reduced carbon emissions. So dumb.
They also sold their refinery stake in Deer Park back to Pemex
Posted on 3/13/24 at 4:06 pm to drizztiger
quote:
Shell cuts about 20% of staff around every 7 years.
I have heard they make you re-apply for your job every “x” years, along with a couple others, and you have to hope you get picked for one of them.
Couldn’t tell from the article if this is simply what’s happening with this department, or if this is an “out of cycle” reduction.
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