Shell is reported to have begun job cuts, specifically in its low-carbon division, as the company seeks to reduce expenses, streamline operations, and focus on higher return segments of its business. Affected employees were either offered severance packages or were allowed to apply for roles in other parts of the company. This follows plans Shell had previously laid out in June to reduce what it called structural costs by $3B by 2025.

A similar rival, ExxonMobil had also announced plans to reduce structural costs by $6B by 2027.