8,494 Active Recruiters     Over 2 Million Candidates Globally

Advanced
  1. Keep me logged in
  2. forgot password
cancel

Checkout Jobs Basket (0)

You can checkout a maximum of 150 jobs.

Signup Better for Candidates

  • Create a free virtual CV and let recruiters find you
  • Automatically have your profile matched to suitable Oil & Gas positions
  • Link to your profile using it as a free online CV
  • Store all your employment documents to your profile for easy sending
  • Always receive feedback on positions applied for

Signup Better for Recruiters

  • Suitable candidates automatically matched to your position
  • View candidate profiles for free
  • No more waiting for candidates to respond to job advertisements
  • Only ever pay when you match a candidate to a position
  • No more cold calling and sorting through out dated CVs

Total, Shell Announce Multi-billion-dollar Budget Cuts as Oil Continues Decline

Published in Oil Industry News on Monday, 23 March 2020


Graphic for News Item: Total, Shell Announce Multi-billion-dollar Budget Cuts as Oil Continues Decline

Total and Shell each introduced significant cost-reduction measures, as the oil price war and the global spread of Covid-19 combined to disrupt operations.

Following the lead of other supermajors like BP and ExxonMobil, Total and Shell are implementing plans to reduce capital expenditures, operational costs, and cancel planned share buybacks.

Specifically, Total and Shell plan to do the following:

CAPEX reductions. Total will implement CAPEX cuts of more than 20% of their 2020 plan, or more than $3 billion. Shell is reducing their CAPEX to $20 billion or below for 2020, compared to an original plan of approximately $25 billion.

Operational cost reductions. Total plans to identify $800 million in savings in its 2020 operating costs, while Shell will reduce its cash expenditures by $3 - $4 billion over the next 12 months compared to 2019 levels.

Share buybacks. Total is suspending its planned $2 billion buyback for 2020, having already purchased $550 million in shares in the first two months of the year. Shell has decided not to continue with the second tranche of its share buyback program, having completed the first tranche.

Shell said in an emailed statement that its initiatives “are expected to contribute $8 - 9 billion of free cash flow on a pre-tax basis. Shell is still committed to its divestment program of more than $10 billion of assets in 2019-20 but timing depends on market conditions.”

Source: www.worldoil.com

Please leave comments and feedback below





Tags

North Sea Oil and Gas, Norwegian Oil and Gas, Aberdeen Oil and Gas, Oil and Gas News








Oil and Gas News Archive


Latest Oil & Gas News







Featured Companies

  • View All JobsOMPA

    Offshore Marine People & Academy (OMPA) is a global provider of personnel and training to the renewables, oil & gas, telecommunications and marine industries.

    With over 15 years' industry experience, we work with candidates to match them to the right roles and equip them with the skills and knowledge needed to succeed. Our job is to exceed your expectations.

    Visit us online: offshorempa.com

  • View All JobsChronos Oil and Gas

    Chronos Oil and Gas is one of the fastest growing and best placed recruitment agencies in the sector.

    With over 300,000 candidates on our database and an international team of specialist recruiters we work with clients to staff major projects around the world.

    Register your CV at www.chronosoilandgas.com

  • View All JobsNatural Resources

    Natural Resources is a UK based recruitment company providing personnel of all disciplines and nationalities worldwide.

    We represent clients and candidates at all levels who operate globally within oil & gas, renewables, nuclear, power, mining, marine, drilling, construction and petrochemicals. Our client base includes energy and construction.

    Visit Natural Resources at natural-resources.com