Shell reduces CAPEX and operating costs

Published by Nicholas Woodroof, Editor
Oilfield Technology, Monday, 23 March 2020 09:00

In response to the Covid-19 pandemic, Shell has announced a series of operational and financial initiatives designed to reduce underlying operating costs by US$3 – US$4 billion per annum over the next 12 months compared to 2019 levels, reduce CAPEX to US$20 billion or below for 2020 from a planned level of around US$25 billion, and achieve material reductions in working capital.

The initiatives are expected to contribute US$8 – US$9 billion of free cash flow on a pre-tax basis. Shell has said it is still committed to its divestment programme of more than US$10 billion of assets in 2019 – 2020 but timing depends on market conditions.

The company will publish its next quarterly update note on 31 March 2020 and release its 1Q20 results on 30 April 2020.

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/23032020/shell-reduces-capex-and-operating-costs/

Transocean Ltd. announces harsh environment contract award

Thursday 30 March 2023 09:09

The company has announced contract fixtures for two of its harsh environment semisubmersibles. Together, the fixtures represent approximately US$113 million in firm contract backlog.

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