Oil giant Royal Dutch Shell is slashing its spending outlook by $15 billion over the next 3 years, due to the severe dip in oil prices. The company also missed profit forecasts for the fourth quarter of 2014 by more than 20%.
ConocoPhillips, too, has trimmed its capital spending plan for 2015 again.The company took another $2 billion from its budget, now making cuts total $11.5 billion.
Oil prices are also causing companies to cancel projects. Sasol Ltd., a South African energy company, announced today it was shelving a natural gas project on Louisiana’s Gulf Coast.
Recent profit reports were also disappointing for automaker Ford, which said 2014 net income fell 56%.