{"id":16896,"date":"2015-11-11T13:31:29","date_gmt":"2015-11-11T10:31:29","guid":{"rendered":"http:\/\/en.ldaily.ua\/?p=16896"},"modified":"2015-11-11T13:33:47","modified_gmt":"2015-11-11T10:33:47","slug":"shell-cuts-spending-by-15-billion","status":"publish","type":"news","link":"https:\/\/ldaily.ua\/en\/news\/shell-cuts-spending-by-15-billion\/","title":{"rendered":"Shell cuts spending by $15 billion"},"content":{"rendered":"<h4 style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-16894\" src=\"https:\/\/ldaily.ua\/wp-content\/uploads\/2015\/11\/shell-300x200.jpg\" alt=\"Shell cuts spending by $15 billion\" width=\"300\" height=\"200\" title=\"\" srcset=\"https:\/\/ldaily.ua\/wp-content\/uploads\/2015\/11\/shell-300x200.jpg 300w, https:\/\/ldaily.ua\/wp-content\/uploads\/2015\/11\/shell-405x270.jpg 405w, https:\/\/ldaily.ua\/wp-content\/uploads\/2015\/11\/shell.jpg 484w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>Bad news for oil industry workers and suppliers: Royal Dutch Shell has joined the ranks of energy companies who are slashing their spending.<\/h4>\n<p>Shell said it was scaling back its planned capital investment by $15 billion over the next three years.<\/p>\n<p style=\"text-align: justify;\">Oil is now trading around $45 per barrel, down from over $100 per barrel this summer.<\/p>\n<p style=\"text-align: justify;\">Shares in\u00a0Royal Dutch Shell\u00a0(RDSB)\u00a0fell by about 5% in London after the company said fourth-quarter net profit fell 57% versus the same period last year.<\/p>\n<p style=\"text-align: justify;\">&#8220;Shell has options to further reduce spending, but we are not over-reacting to current low oil prices,&#8221; the company said in a statement.<\/p>\n<p style=\"text-align: justify;\">David Madden, a market analyst at IG in London, described the cuts as &#8220;enormous.&#8221; The move &#8220;signals cautious times ahead,&#8221; he added.<\/p>\n<p style=\"text-align: justify;\">A string of other energy companies have already announced plans to cut investments and jobs due to the slump in oil prices.<\/p>\n<p style=\"text-align: justify;\">BHP Billiton\u00a0(BBL)\u00a0announced this month it was cutting its U.S. onshore rig operations by about 40% this year.\u00a0Schlumberger\u00a0(SLB)\u00a0recently announced plans to\u00a0lay off 9,000 workers.<\/p>\n<p style=\"text-align: justify;\">French energy giant\u00a0Total\u00a0(TOT)\u00a0is also reportedly slashing capital spending by 10% this year.<\/p>\n<p style=\"text-align: justify;\">&#8220;A poor quarterly result does not change our view that Shell has the greatest financial flexibility in the integrated oil sector,&#8221; said energy analyst Jason Gammel from investment bank Jefferies.<\/p>\n<p style=\"text-align: justify;\">Shell \u2013 is multinational\u00a0oil\u00a0and\u00a0gas company headquartered in the Netherlands and incorporated in the United Kingdom.\u00a0Created by the merger of Royal Dutch Petroleum and UK-based Shell Transport &#038; Trading, it is the fourth largest company in the world,\u00a0in terms of revenue,\u00a0and one of the six oil and gas &#8220;super majors&#8221;.<\/p>\n","protected":false},"featured_media":16894,"menu_order":0,"template":"","newscat":[9],"newstag":[],"issues":[],"class_list":["post-16896","news","type-news","status-publish","has-post-thumbnail","hentry","newscat-novosti"],"_links":{"self":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news\/16896","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/types\/news"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media\/16894"}],"wp:attachment":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media?parent=16896"}],"wp:term":[{"taxonomy":"newscat","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newscat?post=16896"},{"taxonomy":"newstag","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newstag?post=16896"},{"taxonomy":"issues","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/issues?post=16896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}