World, As Seen from the most beautiful islands: Ireland and Cyprus

Shell shrinks investment, cancels shares buyback

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Oil and gas company Shell will cut costs and invest less due to the outbreak of the new corona virus and the low oil prices as a result of a price war. In addition, the Dutch-British company will cancel an announced share buyback. All of this aims to have a financial buffer in uncertain times.

Shell plans to cut operating costs by $ 3 billion to $ 4 billion annually. In addition, the company now plans to invest $ 20 billion this year instead of the previously planned $ 25 billion, and working capital will also be “significantly” reduced. Shell is still completing its current share buyback program, but subsequent rounds will not be held for the time being.

CEO Ben van Beurden speaks about a difficult time.

“The combination of rapidly falling oil demand and rapidly increasing supply may be unique, but Shell has endured market turmoil many times in the past.”

Shell also plans to divest $ 10 billion of assets by the end of the year. Of this, $ 5 billion has already been realized. Further sales in terms of timing will depend on market conditions, the company says now.

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World, As Seen from the most beautiful islands: Ireland and Cyprus

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