Shell to cut spending by $15bn after oil price slump

Royal Dutch Shell is planning to slash its spending by $15bn over the next three years, following a collapse in the oil price.

The oil giant reported Q4 2014 earnings on a current cost of supplies basis at $4.2bn, compared with $2.2bn posted in the fourth quarter of 2013. Full-year earnings rose from $16.7bn in 2013 to $19bn in 2014. The company has sold off over $15bn in assets in the last year and will reduce future spending by $15bn, but will keep its dividend stable, paying $0.47 for the fourth quarter of 2014. It also pledged to pay the same amount in the first quarter of 2015. The oil industry has been rocked by tumbling oil prices in the last few months, with the price per barrel of Brent crude dow...