March 23, 2020 / 7:19 AM / 18 days ago

Shell lowers 2020 capex, suspends share buyback

March 23 (Reuters) - British oil major Shell joined other companies in the sector in lowering capital expenditure for the current year by about $5 billion and suspended the next tranche of its share buyback plan to weather a hit from the recent oil price crash.

The company said it would reduce 2020 cash capital expenditure to $20 billion or below from a planned level of around $25 billion, adding that the initiatives would contribute $8 billion-$9 billion to free cash flow on a pre-tax basis. (Reporting by Muvija M in Bengaluru; Editing by Shounak Dasgupta)

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