European oil majors slash spending, share buybacks to cope with low crude prices

摘要

Investors in European oil majors were hit with a flurry of bad news on Monday, as Shell, Total and Equinor all reined in capital spending and perks for shareholders as they scramble to fill a widening “cash gap” created by the vertiginous decline in crude prices due to the coronavirus pandemic and Saudi-Russia oil war. Shell suspended the final tranche of its USD 25 billion share buyback programme “in light of the current economic and oil price environment,” it said in a statement.