CFO says refining margins already worsening Shell said Thursday it had reduced its expected 2015 capital expenditure to $33 billion from previous guidance of a little more than $35 billion as the company continues to adjust its business to the lower oil-price environment. Shell, releasing its first-quarter results, also said it continued to reduce its operating costs and capital spending, with Q1 operating expenditure down by $1.1 billion year on year. Speaking to reporters on a conference call, CFO Simon Henry said the capex this year would be $33 billion, or “potentially less,” a reduction of at least $2 billion compared with guidance given by Shell three months ago. Article continues below… Platts 8th Annual Global Crude Oil Summit sets a unique global agenda, inviting industry leaders to share views on […]