The Energy Layoffs Resume: Shell Fires 6,500, Whiting Cuts 2015 Budget 2 Weeks After Raising It
by Tyler Durden
ZeroHedge.com
07/30/2015
Yesterday it was US and Italian energy giants Chevron and Saipem which announced a total of over 10,000 new job cuts in the aftermath of oil sliding back under $50 and resuming its downward trend. Today, we got more confirmation of this when Royal Dutch Shell, still basking in the glow of its proposed $70 billion mega-acquisition of BG Group, announced it would axe 6,500 jobs this year and step up spending cuts, responding to an extended period of lower oil prices which contributed to a 37 percent drop in the oil and gas group’s second-quarter profits.
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