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The energy producer, based outside Paris, joins BP Plc and Royal Dutch Shell Plc in cutting operating costs and investments to protect its dividend as a plunge in crude prices dents earnings.
Oil’s collapse has affected BG less than some of its peers because it’s one of the few producers increasing output as projects start in Australia and Brazil.
The Anglo-Dutch oil major’s upstream earnings fell 71 percent to $493 million, though the company said lower costs offset the plunge.
The Houston region and Texas overall averaged $1.58 a gallon on Monday — it’s lowest point since January 2009 — and $1.79 a gallon nationally, according to GasBuddy’s daily survey data. The price fell by 2.4 cents in the last week in Houston and by about 2.6 cents in the U.S. overall. The national average is down 20 cents just in the last month.
The use of LNG and compressed natural gas — another new CNG fueling station opened Thursday in Houston — in commercial vehicles has rapidly expanded because of the nation’s cheap and bountiful supply of natural gas.
Ninety-nine percent of BG Groups shareholders approved the deal.
Shell CEO Ben van Beurden said he was pleased by “the confidence that shareholders have shown in the strategic logic of the combination of Shell and BG.”
Shell had already announced some 7,500 in layoffs last year.
Something didn’t seem quite right during John Gaspari’s first day on the job at an oil field services firm in Houston. He said his department manager avoided eye contact and stared awkwardly at Gaspari’s small loop earrings.
While oil companies such as Exxon Mobil Corp. and Royal Dutch Shell Plc eliminate jobs and curb capital spending to cope with prices that have fallen two-thirds in 18 months, renewables are enjoying a renaissance underpinned by rules designed to curb fossil-fuel emissions damaging the atmosphere.