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Shell in slashing mode

Ben van Beurden, Chief Executive Officer. Royal Dutch Shell Plc

Ben van Beurden, Chief Executive Officer. Royal Dutch Shell Plc

Extracts from an article by EDUARD GISMATULLIN published by Bloomberg News on 14 March 2014 under the headline: Shell in slashing mode: Cuts Americas spending by 20% after losses in shales

THE HAGUE (Bloomberg) — Royal Dutch Shell plans to lower spending in the Americas by a fifth as Europe’s largest oil producer focuses on more profitable operations. It’s “not acceptable” that Shell, now deploying about 36% or $80 billion of its capital in North America, has been losing money, Chief Executive Officer Ben van Beurden said. Van Beurden has pledged to shrink spending costs this year and speed up asset sales including refineries after The Hague-based company issued its first profit warning in a decade.

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1 Comment on “Shell in slashing mode”

  1. #1 motivadog
    on Mar 20th, 2014 at 14:48

    They main problem is (more so with motiva) is there are so many management people, that hiring freezes are imposed, which will not allow people to be brought in for the actual operations positions. Also many cases of “jobs” being created for certain managers when the locations they were employed were sold off, or closed. In short, too many chiefs, and not enough Indians!

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