Shell to Cut 6,500 Jobs, Reduce Investment by $7 Billion
By Rakteem Katakey: July 30, 2015″ BLOOMBERG.COM
Royal Dutch Shell Plc, the oil producer buying BG Group Plc for more than $70 billion, said it plans to cut 6,500 jobs this year and reduce capital investment by $7 billion.
Shell is planning for a “prolonged downturn,” the company said Thursday in a statement. Its dividend commitment will remain unchanged at $1.88 per share this year, with at least that amount paid in 2016, the company said.
Second-quarter profit adjusted for one-time items and inventory changes dropped to $3.8 billion from $6.1 billion a year earlier, The Hague-based Shell said. That beat the $3.4 billion average estimate of 16 analysts surveyed by Bloomberg.
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