Shell slashes capex again

Shell slashes capex again

Royal Dutch Shell has slashed its capex for the remainder of this year and into 2016, as it readies to take over BG Group amid continued low prices for oil.

The combined company plans to spend $33bn next year, $2bn lower than earlier forecast. Shell has also cut its spending forecast for this year by $1bn to $29bn.

Shell’s shareholders are scheduled to vote on the deal on January 27 and BG’s the next day.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Related Posts