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Shell cuts 2015 capex again to face oil downturn

Reuters - UK Focus

LONDON, July 30 (Reuters) - Royal Dutch Shell (Xetra: R6C1.DE - news) said on Thursday it will further reduce 2015 capital investment to $30 billion, down by 20 percent from a year ago as it expects the downturn in oil prices to "last for several years."

Shell (LSE: RDSB.L - news) earlier this year cut its capital expenditure, or capex, to $33 billion from around $35 billion in 2014.

The Anglo-Dutch oil and gas company said its operating costs are expected to fall by $4 billion, or around 10 percent, in 2015 as part of a broad efficiency drive to boost its balance sheet.

Shell said it expects $30 billion of asset sales between 2016 and 2018, on top of a total of $20 billion in disposals for 2014 and 2015 combined. (Reporting by Ron Bousso and Karolin Schaps; Editing by Ed Davies)