Shell cuts 2020 spending by $5 billion, suspends share buyback
LONDON (Reuters) Royal Dutch Shell
The Anlgo-Dutch oil major said it would reduce capital expenditure to $20 billion or below from a planned level of about $25 billion while seeking to reduce operating costs by an additional $3 billion to $4 billion over the next 12 months.
The cuts are expected to boost Shell’s cash generation by between $8 billion and $9 billion on a pre-tax basis.