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Home Sectors Energy

Shell awards 8% annual salary bonus to employees as oil firm reports record profit

Chike Olisah by Chike Olisah
August 3, 2022
in Energy
Shell Nigeria
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Oil and gas giant, Shell, has announced the award of a bonus equivalent of 8% of annual salary to most of its employees as the company reports record revenue and profits.

Oil companies have been reporting unprecedented profit in the second quarter of 2022 especially due to high energy prices globally which is negatively impacting on consumers.

According to Bloomberg, this disclosure is contained in an email sent by Shell, where it noted that the decision is in recognition of the contribution made by its staff to the company’s strong operational performance against a recent challenging backdrop.

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What Shell is saying

Shell in an email said, “In recognition of the contribution our people have made to Shell’s strong operational performance against a recent challenging backdrop, our Executive Committee has decided to make a Special Recognition Award of 8% of salary to all eligible staff across the world.’’

The payment which will be a one-off, will be made to most of Shell’s 82,000 employees, but not to senior staff who are executive vice presidents or higher, adding that contract staff and others who are on secondment will not benefit from the bonus payment.

The oil and gas firm said, “The award enables those employees to share in our current operational and financial success. It is not a response to inflation or cost-of-living challenges.”

What you should know

  • Major international oil and gas companies a few days ago reported record profits for a second consecutive quarter in 2022 due to soaring oil and gas prices and strong refining margins.
  • Exxon Mobil on Friday, July 31, reported an unprecedented $17.85 billion profit for the second quarter with Chevron announcing a record $11.62 billion profit.
  • The London-based Shell also said it earned $16.7 billion when the cost of supplies is factored in. Its adjusted earnings for the quarter, which exclude certain price changes and one-time expenses, was $11.5 billion.
  • The record profits marked a stunning turnaround from the early days of the coronavirus pandemic, when cities were locked down and demand for fuels plummeted leading to thousands of employees being laid off

Follow us for Breaking News and Market Intelligence.
Tags: Shell
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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Comments 1

  1. Aggrieved Nigerian says:
    August 4, 2022 at 8:47 am

    What is your gain or objective in publishing the bonuses of staff of a private company in Nigeria? What benefit does this bring? Do you know the security exposure this has led to considering our economic situation and rampant kidnap for ransom cases at hand? Must you publish everything in details? Must you use the security details in headlines? Mtcheww.

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