Shell, BP beat forecast income, oil majors adapt to low prices
REUTERS/ Royal Dutch Shell and BP yesterday joined peers in reporting higher than expected earnings by making further deep cuts in spending to cope with an oil price downturn now in its third year. The companies said they are well on the way to adapting to the more than halving in prices. But continued uncertainty will test their ability to invest for future growth and retain relatively large dividends. Shell’s stock rose by more than three per cent as it announced higher quarterly earnings than arch-rival US Exxon Mobil. The Anglo-Dutch major, which acquired rival BG for $54 billion (44.17 billion pound) earlier this year, had been under pressure to cut costs.