Low oil price blamed for cancelling rigs, writing off exploration projects and other cost-cutting as Shell boosts profits following BG takeover

The UK’s two oil “supermajors”, BP and Royal Dutch Shell, have outlined plans for a more frugal future to withstand stubbornly low oil prices as they beat profit expectations in the third quarter.

While both firms outperformed forecasts, Shell won greater plaudits from investors thanks to rapid progress on cutting costs and a hefty production boost from its £43bn takeover of gas specialist BG.

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