Shell is making deep cuts in its fracking business as it tries to free up cash to cope with the pandemic and invest in renewable energy. Shell will cut about 40 percent of overheads including staff in the US-focused shale oil and gas division by early 2021. Boss Ben van Beurden has signalled a “complete overhaul”. Wael Sawan, Shell’s director of upstream, told City analysts recently there was less capital available for production, with shale particularly affected, and he expected the approval of projects to slow down. Sunday Telegraph Business (Page 3, Rachel Millard)
3 replies (most recent on top)
I can’t think of a whole lot of buyers for an asset doesn’t cash flow.
When will Ben go?
They should just unload the whole thing ...