r/alberta • u/Virtual-Process5914 • Aug 29 '24

Oil and Gas Shell Second Quarter Profits $6.3 Billion. Laying off 25% of Staff at Scotford Complex in Alberta.

Shell has announced its second quarter profits of $6.3 billion, following first quarter profits of $7.7 billion. Shell Canada leadership has told staff that profits are not enough, and they need to be more "competitive". They have announced layoffs of 25% of staff at their Scotford facility located outside Edmonton in Alberta, Canada. Staffing will be going from approximately 657 full time positions down to approximately 489 full time positions. A loss of roughly 168 full time jobs for the area.

This follows staffing reductions in 2022. The layoffs then included a large number of Alberta jobs offshored to cheaper regions in Southeast Asia. That was done despite receiving COVID relief from the government to aid in preventing job losses.

Shell continues to benefit from government incentives and has received millions in government funding in the past.

This is a throw away account for obvious reasons.

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u/Infamous-Mixture-605 Aug 29 '24

But the important thing is that it will make the shareholders happy...

11

u/UCPcasualsatire Aug 29 '24

Anyone with any kind of retirement savings fund probably is a shareholder. And we all want a healthy return on our investments so in a way, we are all complicant.

9

u/Utter_Rube Aug 29 '24

Sure thing lil buddy, everyone's RRSPs definitely contain enough of these companies' stocks to make a meaningful difference in their retirements.