SHELL has announced plans to axe 2,000 jobs across the globe and reduce its refining capacity as part of massive cost-cutting shake-up.
The oil giant will pull out of more than a third of its retail markets in the battle top save $1bn (£665.7m) by the close of this year
Shell chief executive Peter Voser also said there would be no increase in dividend this year.
But on the upside the said it was entering a new period of growth with oil and gas production to rise by 11 per cent this year to the equivalent of 3.5m barrels a day.
Voser said: "We are poised to deliver a new wave of financial and production growth. We are making substantial investments in new projects to drive Shell's financial performance going forward.
"Shell should be in a surplus cash flow position in 2012, after capital investment and dividend payments, assuming $60 oil prices and a more normal environment for natural gas prices and downstream.
"We are moving into a delivery window across the next five years, and beyond that, we have a tremendous opportunity set for the 2015-2020 timeframe. We will put the emphasis on financial performance – cash generation and returns."