Shell will cease operations in 10 countries to save billions, more job cuts planned

Shell revealed its plans to cut spending below $30 billion through 2020 by selling 10 percent of its assets, increasing savings to $4.5 billion. As a result of leaving ten countries in the process, 12,500 jobs will be lost. They did not specify which countries would be hit.

In addition to keeping annual cost down, they cut the 2016 capex for a third time to $29 billion, originally $35 billion. The world’s second largest firm in the industry hopes these new measures will boost profits in shares not living up to expectations since the BG announcement two years ago. They said these sales could lead to a return on capital by 2020, assuming a slight increase in oil prices between now and then.

http://houstonenergyinsider.com/?p=5662