UK’s biggest oil company to cut global spending by $2bn after first-quarter earnings drop 56% but group refuses to halt Arctic drilling
Shell warned on Thursdaythat further jobs and investment are at risk in the North Sea as it slashed annual global spending by a further $2bn (£1.3bn) and reported a 56% slump in first-quarter profits.
The Anglo-Dutch oil group also said there would be no slowdown in its controversial plans to start drilling in the Alaskan Arctic this summer where it hopes to discover large-scale oil reserves alongside evidence of gas found in the past.