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A Shell station in Brazil. Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Royal Dutch Shell will shed up to 9,000 jobs as it undergoes a long-term restructuring around climate-friendly energy sources and continues to grapple with the coronavirus pandemic that has battered the oil industry.

Why it matters: The cuts could amount to over 10% of the company's global workforce, which was 83,000 at the end of 2019.

  • Oil giants are shaking up their plans as they cut costs. For European-based majors, that means diversifying over time away from fossil fuels.
  • It follows BP's June announcement that it would cut its global workforce by 10,000 jobs, or 14%.

The state of play: Shell expects to reduce its workforce by somewhere between 7,000 and 9,000 jobs by the end of 2022, which it said will help achieve as much as $2.5 billion in annual savings.

  • "We have to be a simpler, more streamlined, more competitive organization that is more nimble and able to respond to customers," CEO Ben van Beurden said in a statement on Wednesday.
  • He added that the figure includes around 1,500 people who have "already agreed to take voluntary redundancy this year."

Go deeper

Ben Geman, author of Generate
Jan 7, 2021 - Politics & Policy

Solar shares' spikes signal new energy landscape in D.C.

Expand chart
Data: FactSet; Chart: Axios Visuals

There's a certain symmetry to a pair of energy sector developments Wednesday: Solar stocks jumped on a day that also brought hard evidence the oil industry has little interest in trying to drill in Alaska's Arctic National Wildlife Refuge.

The big picture: Solar and oil aren't really direct competitors, but both will be affected by the incoming Biden administration's policies and the speed of the global transition toward lower-carbon sources.

S&P 500 slides into correction territory

Data: FactSet; Chart: Axios Visuals

Stocks suffered their worst drop of the year, pushing the S&P 500 on track to fall into a "correction."

Driving the news: The benchmark S&P 500 dropped for its fifth straight day, with losses nearing 3% in early trading.

Updated 18 mins ago - Politics & Policy

Omicron dashboard

Illustration: Aïda Amer/Axios

  1. Health: Fauci: "Confident" Omicron cases will peak in February — FDA OKs antiviral drug remdesivir for non-hospitalized patients — Walensky: CDC language "pivoting" on "fully vaccinated."
  2. Vaccines: The shifting definition of fully vaccinated — Annual vaccine preferable to boosters, says Pfizer CEO — Team USA 100% vaccinated ahead of Beijing Olympics.
  3. Politics: Virginia school boards sue Gov. Youngkin for lifting mask mandate — Gonzaga University revokes NBA great John Stockton's tickets over mask stance — Arizona governor sues Biden administration over funds tied to mandates.
  4. World: Beijing Olympic Committee lowers testing threshold ahead of Games — Beijing officials urge "emergency mode" before Winter Olympics — Austria approves vaccine mandate for adults.
  5. Variant tracker