Shell Cancels Oil Exploration Plan Off Alaska
From The Peninsula Qatar
Anglo-Dutch oil company Royal Dutch Shell plans to sell assets, cut spending and freeze a controversial Arctic drilling programme 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.
“Our overall strategy remains robust, but 2014 will be a year where we are changing emphasis, to improve our returns and cash flow performance,” van Beurden said in a statement.
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