SHELL CANADA CHOPS 11% FROM BUDGET

Shell Canada Ltd. is cutting its 1992 budget by $90 million, or 11%, because of "brutal" business conditions. The company reported a loss of $7 million in first half 1992, compared with a loss of $95 million for the same period in 1991. It reported a $12 million loss for the second quarter of this year. Retail gasoline competition and low natural gas and sulfur prices were blamed for the loss. Shell said the budget cut to $745 million from $835 million is the first move in efforts to improving

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