About: http://data.cimple.eu/news-article/27b4aadc0013e54f4279b5a0d9941f6a3eca8a8ff9dca1244ef6207c

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About: http://data.cimple.eu/news-article/27b4aadc0013e54f4279b5a0d9941f6a3eca8a8ff9dca1244ef6207c Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Royal Dutch Shell said Monday it will slash costs and capital expenditure by billions of dollars due to the worsening coronavirus pandemic, which has sparked an oil price collapse. The Anglo-Dutch energy major announced in a statement that it will axe operating costs by $3.0-4.0 billion over the next 12 months, and will reduce its annual spending to $20.0 billion from $25.0 billion. "As well as protecting our staff and customers in this difficult time, we are also taking immediate steps to ensure the financial strength and resilience of our business," said Chief Executive Ben van Beurden. "The combination of steeply falling oil demand and rapidly increasing supply may be unique, but Shell has weathered market volatility many times in the past. "In these very tough conditions, I am very proud of our staff and contractors across the world for maintaining their focus on safe and reliable operations while also ensuring their own health and welfare and that of their families, communities and our customers." Shell added in the statement that it was taking "decisive action to reinforce the financial strength and resilience of our business so that we are well-positioned for the eventual economic recovery". rfj/rl
schema:headline	Shell cuts costs, slashes spending on virus turmoil
schema:mentions	Variance Royal Dutch Shell The Combination Axe Capital expenditure Pandemic Coronavirus Ben van Beurden Energy development
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-03-23 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	81 (xsd:integer)

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