Royal Dutch Shell Cutting Costs and Increasing Oil Production
Royal Dutch Shell (NYSE:RDS-B) laid out its strategy to cut costs and increase oil production, and shareholders responded positively by rewarding the stock with nice upward push.
Shell officials noted that 2009 was the best oil exploration year they had in over a decade, and revenue and profits will reflect that in the years ahead, with over 8 billion in equivalent resources added to the company.
The company will also exit some of its refining and exposure in retail markets.
About 2,000 more jobs will be cut as part of their cost-cutting measures over the next year as well.
Taken together, the company has solidified its core business with these moves, and are poised for production growth for the first time in many years.
No comments:
Post a Comment