BP and Shell outlined their spending plans for 2017 while announcing their Q3 2016 results earlier this week.
Despite an 18% rise in net profits for Q3, Shell said capital investment in 2017 would be at the bottom of the guidance range of $25-30 billion. Shell’s capex is expected to be $29 billion in 2016, around $18 billion below the level of Shell and BG Group’s combined capex in 2014 – before the two companies merged.
BP said it expects 2016 capex to be around $16 billion,...
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