Shell to Cut 6500 Jobs as Prolonged Market Downturn Looms
Shell isn’t alone in trying to grapple with cheap oil. This week Chevron said it would cut 1,500 jobs in an effort to cut costs by $1 billion. Likewise, ConocoPhillips said it’s continuing layoffs as it tries to reduce spending by $1 billion over two years. Graves & Co., an energy consulting firm, estimates that the energy sector has lost 50,000 in the past three months—that’s on top of the 100,000 layoffs since oil prices began to tumble last fall.