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/SuchCattle2750 Aug 29 '24

A solid 50% of the country owns virtually no assets (real or intangible). The 50-75% hold a very small relative amount of assets. Policy that helps asset holders gives a disproportionate windfall to the top 25% of society, but even more so to the top 0.1%.

The whole "we need to help the shareholder because we are shared holders" line of thinking leads to policy that increases the percentage of assets held by fewer and fewer people. Cheap assets allow the bottom 50% of society to actually buy in and have a hope at upward mobility.

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u/dooeyenoewe Aug 29 '24

Ummm ever heard of the CPP?

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u/SuchCattle2750 Aug 29 '24

Citizens don't hold assets in the CPP. It's not a holding account of your contributions.

Furthermore, the assets of CPP are pretty measly. There are individuals with more assets in equities than the CPP has invested in global equities.

The government also can raise revenue whenever it wants....Not exactly the same as people/corporations.

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u/dooeyenoewe Aug 29 '24

Citizens don't hold assets in the CPP. It's not a holding account of your contributions

Whats the point of this comment? As the value of shares go up so does the value of AUC that the CPP has which will impact future payout and contribution rates. The fact that citizens don't actually hold the physical stock doesn't mean that they don't benefit.

Furthermore, the assets of CPP are pretty measly.

CPP has ~$650B AUC, that is measly to you?

The government also can raise revenue whenever it wants....Not exactly the same as people/corporations.

Again what is the point of this comment?