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Shell to cut 2,000 jobs in 'urgent' action plan - Telegraph RSS | Britain's No.1 quality newspaper website | Make us your homepage Friday 25 April 2008 Home News Sport Business Travel Jobs Motoring Telegraph TV SEARCH Our siteWeb SEARCH Our siteWeb Money home Business Your Money Executive jobs 55k+ Business search Business travel Business club AnnouncementsArtsBlogsCommentCrosswordDatingDigital LifeEarthEducationExpatFamilyFantasy GamesFashionFeaturesFood & DrinkFootballGardeningHealthHoroscopesMy TelegraphObituariesPromotionsPropertyScienceSudokuTelegraph offersWeatherYour MoneyYour view NEWS SERVICESBlackberry serviceContent syndicationDesktop alertsEmail servicesHome deliveryMobileReader printsTelegraph e-paperWeekly Telegraph POLITICAL MAP FEATURE FOCUS Shell to cut 2,000 jobs in 'urgent' action planBy Malcolm MooreLast Updated: 9:02pm BST 01/08/2002Royal Dutch/Shell said yesterday that its results were "frankly not as good as we expected" as it unveiled a 40pc plunge in interim pre-tax income to $8.01 billion (Ј5.13 billion)."We have taken significant action to fix underperformance," said chairman Philip Watts. "But we need to do so more urgently."Shell shares fell 30.5p to 405.5p.advertisementThe oil giant plans to cut 2,000 jobs globally, including more than 250 in London, to try to save roughly $550m this year. The redundancies from the UK will come as a result of Shell's acquisition of Enterprise Oil. "The Enterprise head office in London has already been closed, less than two months after the deal," the company said.The world's third-largest oil company also posted a slight fall in pre-tax income from the first quarter, dropping from $4.01 billion to $3.99 billion. Shell blamed the weak performance on poor oil and gas prices, a 49pc reduction in refining margins and the closure of several refineries.Unlike BP, which was able to post a healthy 5.5pc growth in its volumes earlier this week, Shell revealed that it had only managed 1pc organic growth, leading to analyst speculation that the future growth of the company would be more reliant on acquisitions.After Nigeria announced that it was minded to stay within the oil cartel, Opec, Shell backed calls for production in the country to be stepped up, but insisted that its heavy investment in two oilfields there would not be mothballed.Nigeria has curbed its output to as little as 1.85m barrels a day, well below its capacity of 2.2m-2.3m barrels. "We have two world-class oilfields in Nigeria," said Mr Watts, "and it is very important, and I know that Nigeria takes the same view in terms of continued investment, that these projects deliver."I do not think it is necessary to be going into contingency plans. They will get their fair share of the Opec quota for Nigeria."Mr Watts also hit out at Gordon Brown's North Sea oil tax, which the company will include in its third-quarter results under American accounting rules."We have, in the North Sea, a case of arresting decline and this is not a good time to put in investment," he said.The North Sea tax will cost Shell a one-off charge of $320m in the next quarter and about $40m a quarter going forward.Despite posting results below analysts' expectations, the interim dividend of Shell Transport and Trading was raised 0.1p, or 1.7pc, to 5.95p a share. The dividend will be paid on September 18.The company also made clear that it was "surprised and disappointed" by its removal from the Standard & Poor's 500 index, and said the move had resulted in a fall in its share price.Separately, the world's largest publicly traded oil company, Exxon Mobil, reported a 41pc drop in its second-quarter net income from $4.46 billion to $2.64 billion. Exxon Mobil chairman Lee Raymond blamed "significantly weaker refining margins", which were down 70pc, for the fall. Post this story to: del.icio.us | Digg | Newsvine | NowPublic | Reddit | Fark Related articles1 August 2002: Shell buys out German partner23 July 2002: Oil shares slide as Opec fears Nigeria exit16 July 2002: Shell laid low by question marks over energy deal7 May 2002: Oil prices fall as Iraq lifts embargo26 October 1999: Shell waives Nigeria's share of big oil field billExternal linksShellOpecNigerian Oil & Gas Online YOUR MONEYBank chargesWhat the High Court ruling could mean for bank customers.TRAVEL Dahl delights The Roald Dahl Museum is a joy for children of all ages. FILM100 best filmsThe Telegraph's list of the greatest films ever made.BOOKSCult classicsOur critics present history's most notable cult writing. 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