LONDON—Royal Dutch Shell announced deep cuts to jobs and investment on Thursday, July 30, as the global energy giant prepares for a prolonged period of low oil prices.
Shell expects to eliminate 6,500 staff and contractor positions this year as it seeks to reduce operating costs by 10 percent, the Netherlands-based company said Thursday. The company also plans to reduce capital investment by $7 billion, or 20 percent.
The cuts were announced as Shell reported that second-quarter net income fell 25 percent to $3.99 billion. Brent crude, a benchmark for North Sea oil, averaged about $62 a barrel during the period, down from $110 in the second quarter of 2014.
