LONDON (Reuters) - Anglo-Dutch oil company Royal Dutch Shell plans to sell assets, cut spending and freeze a controversial Arctic drilling program to improve returns after a major profit warning.
Just a month into his new job as chief executive of the world's No.3 investor-owned oil company, Ben van Beurden set out plans to make the group much leaner.
The planned changes follow a profit warning for the quarter to the end of December, detailing across-the-board problems that partly reflect how the industry is grappling with flat oil prices, the need to control costs and replace oil reserves that are being used up in production.
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5 comments:
Flat oil prices? For whom? What mot making enough BILLIONS to line your pockets with?
This is the most I have ever paid for heating oil and its not flat, it is still rising.
Notice it is a profit warning not a loss warning.
1:17
Do you understand that when the Obama administration continues to "print money" it makes the dollar worth less on the world market?
Oil is not more expensive, the dollar can't buy as much as it used to.
Plus, many states have increased taxes on gas and oil.
Welcome to liberal economics!
BUSH LEFT OFFICE GAS $1.85...
yeah 648, after an economic collapse. Got to love those who cherry pick to create their own storyline.
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