(MENAFN) Royal Dutch Shell has announced its plan to cut spending by a fifth this year, and lay off staff at its American exploration and production business, according to Arab News
The announcement came after the company saw that oil majors are struggling to profit from the booming US shale sector
Ben van Beurden, who was head of refining before being promoted to Shell"s top job at the start of the year, said: "Financial performance there is frankly not acceptable ... some of our exploration bets have simply not worked out.
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