(RTTNews) - Shell Plc. (SHEL) is planning to cut its workforce by 20 percent within its oil and gas exploration and development divisions as part of Chief Executive Officer Wael Sawan's strategy to boost profitability, according to a report by Reuters.
The job cuts are expected to affect Shell employees globally, with a significant impact on staff working in its offices in Britain and The Netherlands.
According to a source cited by Bloomberg, the staff reductions will target the company's exploration, strategy, and portfolio segment as well as its development, subsurface, and wells business units.
Moreover, the CEO's strategy also includes prioritizing the most profitable businesses, expanding liquefied natural gas division, and maintaining steady oil production.
Currently, Shell's stock is trading at $72.11, up 0.21 percent on the New York Stock Exchange.
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