London-Based Oil Giant Shell Cuts Jobs In Low-Carbon Solutions Division & Lowers Hydrogen Business Exposure: Report
Portfolio Pulse from Lekha Gupta
Shell PLC (NYSE:SHEL) is planning to cut around 15% of the workforce in its low-carbon solutions division and reduce its exposure to the hydrogen business. The move is part of a strategy to focus on higher-margin projects, steady oil output, and grow natural gas production. The company plans to cut 200 jobs in 2024 and is currently reviewing 130 positions. The shares of Shell are trading higher by 0.25% at $66.83.
October 25, 2023 | 6:03 pm
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POSITIVE IMPACT
Shell's decision to cut jobs and reduce exposure to the hydrogen business could potentially impact its stock in the short term. However, the market seems to react positively with a slight increase in the stock price.
Shell's decision to cut jobs and reduce its hydrogen business exposure is a significant move that could potentially impact its stock. However, the market seems to react positively to this news, as evidenced by the slight increase in the stock price. This could be due to the perception that the company is making strategic decisions to focus on higher-margin projects, which could potentially lead to increased profitability in the future.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100