Royal Dutch Shell RDS.A 0.28 % can’t forcibly renegotiate the deal it struck in April to buy oil and gas producer BG: The U.K. Takeover Panel wouldn’t allow it. And amid griping over the price, the oil major argues the $58 billion cash-and-shares transaction should help its cash flow regardless. That may be so. It doesn’t, however, lessen the need for Shell to do more in cutting costs and spending. So far this year, Shell’s underlying operating cash flow has been ticking along at an annual rate of about $30 billion, with average oil prices at about $55 a barrel. That stacks up against guidance of $30 billion for investment and a dividend that, if paid in cash, would cost $12 billion. Near term, the picture is largely unchanged. Shell’s forecast operating cash flow is $32 billion at $60 a barrel next year. Take its higher share count as […]