Morgan Stanley

Royal Dutch Shell Plc could reduce operating costs by as much as $4.5 billion a year if its employees matched the productivity of BP Plc, according to Morgan Stanley. Shell’s output per employee in oil and gas exploration and production was 26 percent lower than BP’s last year, meaning Europe’s biggest oil company has scope to cut about 9,000 jobs in that division, Morgan Stanley analysts including Martijn Rats wrote in a report dated April 8. Shell has said it will trim operating costs by $3 billion this year and cut headcount by 2,800 following its takeover of BG Group Plc.

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