Oil Price Direction is Anyone's Guess, Admits Van Beurden
Royal Dutch Shell Plc cut spending plans further and promised increased savings following its record purchase of BG Group Plc as it continues to adjust to the slump in oil prices. Europe’s biggest energy company will spend $29 billion this year, it said Tuesday. That compares with a May forecast for capital expenditure “trending toward” $30 billion, which was down from an earlier projection of $33 billion. Synergies from the BG acquisition will provide $4.5 billion in savings in 2018, up from an earlier estimate of $3.5 billion. Chief Executive Officer Ben Van Beurden, who staked his reputation to buy BG as oil prices sank, is promising investors higher returns and cash flows at lower oil prices as he resets the company following the $54 billion acquisition. Van Beurden spoke to Bloomberg's Ryan Chilcote for more.
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Norway's Soviknes Sees No Change to Energy Policy
44:46 - Norway's Minister of Petroleum and Energy Terje Soviknes discusses the nation's energy policy as he calls the oil industry "quite stable." He speaks with Bloomberg's Mark Barton on "Bloomberg Markets: European Close." (Source: Bloomberg)