Shell is cutting jobs in its clean energy division

Shell PLC (LON: SHEL) just announced plans of cutting 200 jobs in its clean energy division. The stock is up 1.0% at writing.

Shell will review more roles next year as well

The energy giant said it will execute the announced layoff in 2024.

Some of these roles, as per the British multinational, will be accommodated in its other businesses. Shell does, however, intend to review another 130 roles throughout the coming year as well.  

Watch here: https://www.youtube.com/embed/k6Qap87AJ-4?feature=oembed

The announcement arrives only days before the London-listed firm is scheduled to report its Q3 financial results. Consensus is for it to earn $1.85 a share this quarter versus $2.58 per share a year ago.

Shell stock is currently up more than 20% versus its year-to-date low and pays a rather lucrative dividend yield of 4.20% at writing.

Shell to invest billions into low-carbon solutions

Wael Sawan – the Chief Executive of Shell PLC has immense confidence in the company’s ability to decarbonise moving forward.

The oil and gas behemoth did confirm on Wednesday that it will invest up to $15 billion into low-carbon solutions over the next two years as part of its commitment to “net-zero emissions” by 2050.

Shell agrees to buy gas from Qatar for Netherlands up to 2050

Shell Plc agreed to buy liquefied natural gas from Qatar for 27 years to the Netherlands, marking the Gulf nation’s second major contract to supply fossil fuel to Europe beyond 2050 despite the bloc’s green goals. pic.twitter.com/F5QYPNNWQp

— The Great Investor (@TheGreatInvest2) October 21, 2023

Shell did announce recently, though, that it plans on maintaining oil production at current levels through the end of this decade. It also failed this month to win part of the $7.0 billion in federal funding aimed to producing hydrogen energy.

Still, Wall Street currently has a consensus “buy” rating on this energy stock.

The post Shell is cutting jobs in its clean energy division appeared first on Invezz