Royal Dutch Shell has confirmed it is cutting 10,000 jobs amid its steepest fall in annual profits for 13 years.

It made $1.8bn (£1.23bn) for the fourth quarter of the year, compared with a $4.2bn profit for the same period the year before. Full-year 2015 earnings were $3.8bn, compared with $19bn in 2014.

”The completion of the BG transaction, which we are expecting in a matter of weeks, marks the start of a new chapter in Shell, rejuvenating the company and improving shareholder returns,” Royal Dutch Shell’s chief executive, Ben van Beurden, said. ”We are making substantial changes in the company… as we refocus Shell, and respond to lower oil prices. As we have previously indicated, this will include a reduction of some 10,000 staff and direct contractor positions in 2015-16 across both companies. Shell will take further impactful decisions to manage through the oil price downturn, should conditions warrant that.”

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