Royal Dutch Shell is to cut more than $15bn in spending and freeze its dividend in an effort to plug dwindling revenues from oil sales, after the company on Thursday reported a sharp slide in quarterly earnings due to the plunge in crude prices.
The Anglo-Dutch energy group, the first of the world’s big oil companies to report full-year results for 2014, signalled that a period of adjustment lay ahead for much of the industry, following a near 60 per cent slide in crude prices since last summer to less than $50 a barrel.
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