Shell reports Q1 loss
While the results beat analysts’ expectations, Shell will nevertheless further reduce investment to USD 30 billion in 2016, equivalent to a 10% cut. “The combination with BG is off to a strong start, as a result of detailed forward planning before the completion of the transaction. This will likely result in accelerated delivery of the synergies from the acquisition, and at a lower cost than we originally set out,” CEO Ben van Beurden said.
LNG sales over the first quarter of 2016 came out at 12.29 million tonnes, representing a 25% increase in volume. Overall, oil and gas output was up by 16% over the given period.
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