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Royal Dutch Shell PLC plans to cut $15 billion in costs in 3 years

Royal Dutch Shell PLC plans to cut $15 billion in costs in 3 years

AMSTERDAM: The Netherlands-based Royal Dutch Shell PLC plans to cut $15 billion in costs over the next three years.

The company plans to drive down costs in its supply chain to reach its cost-cutting goal, according to a company statement.

Our strategy is delivering, but we’re not complacent. Weaker oil prices underline that there’s a lot more to do. The three themes of financial performance, capital efficiency and project delivery will remain as Shell’s priorities in 2015,” CEO Ben van Beurden said in a statement.

Additional cuts to capital spending may be in the company’s future if the market continues to be harsh, Shell added.

The company reported that its fourth-quarter net income fell 57 percent to $773 million but profit was $3.3 billion — excluding one-time items and inventory changes — up from $2.9 billion a year earlier.