MARCH 14, 2024 — 20% REDUCTION IN DEALS TEAM
The company has announced another cost-cutting initiative that will see a 20% reduction in force in its mergers and acquisition teams which numbers in the hundreds.
According to a company spokesperson, "Shell aims to create more value with fewer emissions by focusing on performance, discipline, and simplification across the business. Achieving those reductions will require portfolio high grading, new efficiencies, and a leaner overall organization."
JULY 1. 2021 — BIG CHANGES COMING TO SHELL
The company has announced its intent to leave Aera, its Bakersfield, California-based oil and gas producing joint venture with Exxon Mobil Corp.
This follows the company’s continuing divestiture of carbon-intensive operations to meet the challenges of stricter climate goals in the future, including the potential sale of producing assets located in the Texas Permian Basin.
The company has already sold its refinery in Washington state to Holly Frontier Corp and its stake in a Houston-area refining joint venture to Petroleos Mexicanos.
The company is also considering a sale of its assets in the Permian Basin of Texas, Reuters previously reported.
DECEMBER 29, 2020 — 698 SHELL LAYOFFS WITH COMPLETE CLOSURE OF CONVENT REFINERY.
Houston, Texas-based Royal Dutch Shell has announced that they are continuing to close their currently shuttered Convent, Louisiana, refinery beginning on the last day of February 2021.
Approximately 698 employees (including 340 union members) will be laid off with a small crew employed for maintenance and clean-up until third-quarter 2021 in preparation for an extended shutdown and possible sale.
The operation became unprofitable due to the global downturn in the gas and oil industry and the impact of Covid-19 restrictions on travel and destination sites. The company also indicated that the "1,100-employee (700 employees, 400 contractors) complex that produced jet fuel, gasoline, and diesel didn’t fit into its plans for a low-carbon future."
The company’s other refinery in Norco, Louisiana and its chemical plant in Geismar, Louisiana are unaffected at this time, but the company is still offering a voluntary severance program for some workers at its Norco refinery.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?