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Shell makes further spending cuts after BG deal

Reuters - UK Focus

LONDON, May 4 (Reuters) - Royal Dutch Shell (Xetra: A0ET6Q - news) on Wednesday said it plans to reduce 2016 spending by around 10 percent to $30 billion due to low oil prices, after reporting better than expected first quarter results.

In its first earnings results since its Feb. 15 $54 billion acquisition of BG Group (EUREX: 1007667.EX - news) , the Anglo-Dutch company reported current cost of supplies (CCS (Shanghai: 600180.SS - news) ) earnings excluding identified items, the company's definition of net income, of $1.55 billion, compared with analysts' expectations of $1.04 billion.

"We continue to reduce our spending levels, to capture cost opportunities and manage the financial framework in today's lower oil price environment," Chief Executive Officer Ben van Beurden said.

"Putting all of this together, capital investment in 2016 is clearly trending toward $30 billion, compared to previous guidance of $33 billion, and some 36 percent lower than combined Shell (LSE: RDSB.L - news) and BG investment in 2014."