Shell cuts 2015 capex, sees downstream downturn
Shell cuts 2015 capex, sees downstream downturn
London (Platts)–30 Apr 2015
* Capex reduced by more than $2 billion
* Decision on Majnoon development pushed back to 2017
* CFO says refining margins already worsening
* Decision on Majnoon development pushed back to 2017
* CFO says refining margins already worsening
Shell said Thursday it had reduced its expected 2015 capital expenditure to $33 billion from previous guidance of a little more than $35 billion as the company continues to adjust its business to the lower oil-price environment.
Shell, releasing its first-quarter results, also said it continued to reduce its operating costs and capital spending, with Q1 operating expenditure down by $1.1 billion year on year.
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