11:15 AM EDT, 08/29/2024 (MT Newswires) -- (Updates with Shell's response in the third paragraph.)

Shell (SHEL) is planning to cut down its oil and gas exploration and development team by 20% as part of Chief Executive Wael Sawan's cost-saving efforts, Reuters reported Thursday, citing company sources.

Hundreds of job cuts will occur in the exploration and wells development and subsurface units, particularly in the company's Britain and the Netherlands offices, the sources reportedly told Reuters.

"Shell aims to create more value with less emissions by focusing on performance, discipline and simplification across the business. That includes delivering structural operating cost reductions of [$2 billion to $3 billion] by the end of 2025," a Shell spokesperson told MT Newswires via email. "Achieving those reductions will require portfolio high grading, new efficiencies and a leaner overall organization."

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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