HOUSTON - The CEO of Shell early Thursday confirmed there will be 10,000 layoffs as the company merges with BG Group and deals with lower oil prices.
"The completion of the BG transaction, which we are expecting in a matter of weeks, marks the start of a new chapter in Shell, rejuvenating the company, and improving shareholder returns," CEO Ben Van Beurden stated in a press release. "As we have previously indicated, this will include a reduction of some 10,000 staff and direct contractor positions in 2015-16 across both companies."
The announcement comes after the company reported a 44 percent drop in Q4 earnings.
It's not clear which areas will be affected by the layoffs. Royal Dutch Shell is incorporated in the U.K. and has its headquarters in the Netherlands.