Companies

Shell Lowers 2020 Capex

British oil major Shell joined other companies in the sector in lowering capital expenditure for the current year by about $5 billion and suspended the next tranche of its share buyback plan to weather a hit from the recent oil price crash. The company said it would reduce 2020 cash …

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Total will Cut Spending Due to Low Oil Prices

French oil major Total will freeze recruitment, boost costs savings and halt its share buyback programme due to tumbling oil prices, chief executive Patrick Pouyanne told staff in a video message on Thursday, according to a union official. The group is the latest oil and gas producer to slash investment …

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Saudi’s Aramco Sees Profits Fall By $22 Billion

Saudi Aramco reported a net profit of $88.2 billion for 2019, down from $111.1 billion a year earlier as low oil prices and production curbs took their toll on the world’s largest oil company. Free cash flow was also lower, at $78.3 billion, down from $85.8 billion in 2018, but …

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