Shell Cuts Capital Spending, Jobs as Profit Falls 67% (Update2)
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By Fred Pals
July 30 (Bloomberg) -- Royal Dutch Shell Plc, Europe’s largest oil company, plans to reduce capital expenditure by about 10 percent next year and make further “substantial” job cuts, saying the economy won’t recover any time soon.
Capital spending will drop to about $28 billion in 2010 from as much as $32 billion this year, The Hague-based Shell said today in a statement as it reported a 67 drop in quarterly earnings. The company, which has cut senior management positions by 20 percent, said further staff reductions are “likely.”
The recession has forced
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Many of you will remember that recently we were talking about Shell selling out of NZ. This snitbit from Bloomberg probably say why. If so the assets for sale may be good buying it is just that Shell worldwide is having finanical problems.