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| Royal Dutch Shell to cut 6,500 jobs | Royal Dutch Shell to cut 6,500 jobs |
| (35 minutes later) | |
| Oil giant Royal Dutch Shell has announced it is to shed 6,500 jobs as part of cost cutting plans. | Oil giant Royal Dutch Shell has announced it is to shed 6,500 jobs as part of cost cutting plans. |
| The company said the cost cutting was to help "mitigate the impact" on profits amidst a drop in oil prices. | The company said the cost cutting was to help "mitigate the impact" on profits amidst a drop in oil prices. |
| Its "prudent approach" included a reduction in operating costs of $4bn and reduced oil exploration operations. | Its "prudent approach" included a reduction in operating costs of $4bn and reduced oil exploration operations. |
| The company announced profits of $3.4bn in the three months to 30 June, a 35% decrease compared with last year. | The company announced profits of $3.4bn in the three months to 30 June, a 35% decrease compared with last year. |
| Shell also said that it was "planning for a prolonged downturn" in oil prices. | Shell also said that it was "planning for a prolonged downturn" in oil prices. |
| Shell chief executive Ben van Beurden said: "We have to be resilient in a world where oil prices remain low for some time, whilst keeping an eye on recovery. | Shell chief executive Ben van Beurden said: "We have to be resilient in a world where oil prices remain low for some time, whilst keeping an eye on recovery. |
| "We're taking a prudent approach, pulling on powerful financial levers to manage through this downturn, always making sure we have the capacity to pay attractive dividends for shareholders." | "We're taking a prudent approach, pulling on powerful financial levers to manage through this downturn, always making sure we have the capacity to pay attractive dividends for shareholders." |
| It also announced that it was selling a 33% stake in its Japanese business, Showa, to petrochemical group Idemitsu for about $1.4bn. |