“BG rejuvenates Shell’s upstream [production] by adding deep water and integrated gas positions that offer attractive returns and cash flow, with growth potential,” he added.
“We are reshaping the company and this will accelerate once this transaction is complete… Shell is becoming a company that is more focused on its core strengths.”
Last week, Shell plunged into the red after taking a $8.2 billion hit from project cancellations in Alaska and Canada and a hefty writedown on its North American shale business.
The company was also today accused of making false claims about the extent of its clean-up operations in Nigeria in a report into oil spills in 2008 and 2009. Shell denies this.
Oil traded at an average of $51.30 a barrel during the quarter, just half the level of a year earlier and compared with $115 a barrel last summer.
