Shell cuts 2020 spending by $5 billion, suspends share buyback
Share:
LONDON (Reuters) - Royal Dutch Shell will lower spending by $5 billion (4.29 billion pounds) and suspended its vast $25 billion share buyback plan in an effort to weather the recent collape in oil prices, it said on Monday.The Anlgo-Dutch oil major said it would reduce capital expenditure to $20 billion or below from a planned level of about $25 billion while seeking to reduce operating costs by an additional $3 billion to $4 billion over the next 12 months.The cuts are expected to boost..