Amidst ongoing efforts to enhance competitiveness and streamline operations, Shell Plc has expanded its job-cutting initiatives beyond the previously announced reductions in its low-carbon division. The move, spearheaded by Chief Executive Officer Wael Sawan, aims to optimize costs and position the company more competitively against its US counterparts.

The job reductions are being executed on a division-by-division basis, with affected individuals being presented with options that include redundancy packages or the opportunity to apply for alternative positions within the company. Although specific figures regarding the number of jobs affected have not been disclosed, Shell confirmed the ongoing efforts to streamline operations.

In June, Shell outlined a comprehensive plan to investors, targeting a reduction in "structural costs" by up to $3 billion by the end of 2025. The company emphasized the need for portfolio optimization, operational efficiencies, and an overall leaner organizational structure to achieve these cost reductions.

Responding to inquiries about the ongoing job-cutting measures, Shell stated in an email, "Achieving those reductions will require portfolio high grading, new efficiencies, and a leaner overall organization. While no formal targets exist, we will continuously look to right-size the activities that deliver the most value."

CEO Wael Sawan, who assumed the role earlier this year, has been resolute in his commitment to improving Shell's performance. The strategic initiatives include closing the valuation gap with US rivals Exxon Mobil Corp. and Chevron Corp. Sawan has been actively selling assets and divesting from low-return investments, including some in the clean energy sector.

As of the end of 2022, Shell employed approximately 93,000 individuals globally on a full and part-time basis, showcasing the company's substantial workforce. Despite this, Shell's market value was noted to be more than double that of Chevron, which has a market value 34% higher. In October, Shell had previously announced plans to cut 200 positions in its Low Carbon Solutions unit by 2024, constituting about 15% of the total workforce in that unit.