In the first quarter, Shell generated $4.6 billion in cash flow, but spent $6.1 billion on CapEx, and that does not take into account dividends. Excluding proceeds from asset disposals, Shell needs oil prices to trade somewhere around $70 per barrel to cover CapEx. (5/6) Ten oil companies including Royal Dutch Shell, Chevron and BP are working together to develop standard production equipment, a rare cooperation among rivals to save money as low oil prices put pressure on budgets. Valves, paints, and underwater equipment are among the items that could be mass-produced at a cheaper cost. (5/6) Pakistan and Iran have signed a deal under which the former will import 75,000 tons of liquefied petroleum gas within a year, months after a similar agreement was inked with Qatar.