The majors are under pressure to step up the pace of asset sales next year to help boost free cash flow for shareholder returns. Shell will be among the biggest sell-ers as it looks to offset higher than expected acquisition spending this year (WPA, 1 November, p2). It will have to sell at least $15bn of assets in 2014-15 to meet its net capital investment target of $130bn in 2012-15, assuming organic capital expenditure (capex) of around $35bn/yr and no further acquisitions.
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