Shell CEO Says Job Cuts Imminent to Reduce Costs

Royal Dutch Shell's Chief Executive Officer, Jeroen van der Veer, has confirmed that a reduction in the oil major's employment levels for 2009 is imminent in order to cut costs amid lower oil prices, according to Bloomberg, citing the Financial Times.

Specifically, van der Veer said that Shell must trim its costs to move forward with its intended investment plans while also keeping a close watch on its borrowing expenditures this year.

In March, Shell unveiled its plans to invest between $31-$32 billion in 2009 with dividends for the year expected to be some $10 billion, or a 5% increase of Q1 2009 dividend per share compared to Q1 2008 levels.

In Shell's 2009 Capital Budget announcement, van der Veer commented, "These are testing times in the oil and gas industry. Whilst short-term measures are important, we keep our long-term perspective, and continue to believe that energy needs over the long term provide a positive context for Shell's investment programs today."

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