Lukoil CEO said he is skeptical of OPEC and Russia ever reaching a deal.
Both firms will control separate refineries in the U.S., giving them each more flexibility.
Spending will be cut to $23.2 billion and the firm will reduce cash outlays through the end of 2017.
Oil prices fell as Saudi Arabia said it would not cut production.
Offshore rig owners face a glut of new drilling vessels entering the market as customers cut spending.
by Dalan McEndree Russian oil producers cannot stand continued low oil prices for as long as the Saudis can.Global Economy,oil,OPEC,Rosneft,Russia,Saudi Arabia,Saudi Aramco,Michael Lerner
Capital outlays that peaked at $42.5 billion in 2013 have been reduced by 45% amid low crude oil prices.
The firm also said it would cut 7,000 jobs by the end of 2017, or nearly 9% of its workforce.
Russia said Saudi Arabia had proposed oil production cuts of up to 5%, but nothing definite has been set.
More than 83% of Shell shareholders voted in favor of the firm's biggest purchase ever.
Copyright © 2016. All rights reserved.