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Shell Cuts Americas Spending by 20%, Extends Refinery Sales

Ben van Beurden, Chief Executive Officer. Royal Dutch Shell Plc

Ben van Beurden, CEO Royal Dutch Shell Plc

Extracts from an article by Eduard Gismatullin published on 13 March 2014 by Bloomberg News

Royal Dutch Shell Plc (RDSA) plans to lower spending in the Americas by a fifth as Europe’s largest oil producer focuses on more profitable operations. It’s “not acceptable” that Shell, now deploying about 36 percent or $80 billion of its capital in North America, has been losing money, Chief Executive Officer Ben van Beurden said.

Van Beurden has pledged to shrink spending costs this year and speed up asset sales including refineries after The Hague-based company issued its first profit warning in a decade. He also scrapped targets for cash flow, delayed drilling off Alaska and promised to restructure shale operations in North America.

Van Beurden plans to dispose of about $15 billion of assets through 2015. Shell agreed to sell holdings valued at more than $4.5 billion, including in Australia and Brazil, and is seeking buyers for stakes in oil and gas fields, as well as pipeline and fuel-marketing assets from the U.S. to Nigeria. The company may also exit its $6.3 billion investment in Woodside Petroleum Ltd.

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