SUBSCRIBERS
Big Oil gets serious as cost cuts signal worst slump since 1986
They are cutting jobs, cancelling refinery projects, giving up exploration
Published Fri, Jan 16, 2015 · 09:50 PM
London
MAJOR oil companies are awaking from their slumber and facing up to the magnitude of the crash in crude prices.
From Royal Dutch Shell plc cancelling a US$6.5 billion project in Qatar to Schlumberger Ltd firing about 9,000 people and Statoil ASA giving up exploration in Greenland, the oil industry this week concluded that the slump is no blip.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Glencore-backed group said near deal for Shell Singapore assets
Opec+ may need to tackle oil capacity conundrum next month
Gold flat ahead of US payrolls data, set for second weekly drop
Oil settles near 7-week lows, focus shifts to economy
Exxon-Pioneer deal gets green light from US FTC, Pioneer exec barred from board
Shell maintains pace of buybacks as profit beats estimates