In light of the current market environment, oil major Shell decided to decline its operating costs by up to $4 billion in 2020 and to cut its capital expenditure from $25 billion to $20 billion.
Specifically, in a statement, the oil major stated that they have embarked on a series of operational and financial initiatives that are expected to result in:
- reduction of underlying operating costs by $3-4 billion per annum over the next 12 months compared to 2019 levels;
- reduction of cash capital...
https://safety4sea.com/shell-cuts-costs-to-balance-its-financial-strength-amid-covid-19-pandemic/