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Major loss for Shell in Q3

Xinhua, October 29, 2015 Adjust font size:

Royal Dutch Shell suffered a massive decline of profit and revenue in the third quarter of 2015, the Anglo-Dutch oil and gas giant said on Thursday.

Shell's third quarter loss on a current cost of supplies (CCS) basis was 5.590 billion euros (6.13 billion U.S. dollars), compared with a 4.810-billion-euro profit for the same quarter one year ago, a decrease of 216 percent. Third quarter 2015 CCS earnings excluding identified items were 1.616 billion euros, compared with 5.340 billion euros for the third quarter of 2014.

The CCS earnings excluding identified items included improved downstream and lower upstream results. According to Shell, the downstream earnings benefited from steps taken by the company to improve the financial performance and higher realized refining margins. Upstream earnings were negatively impacted by lower oil and gas prices, partly offset by lower costs, increased production volumes and improved operational performance.

To stop the loss, Shell halted exploration activities offshore Alaska, and stopped the construction of the Carmon Creek in-situ oil project in Alberta, Canada.

Despite the difficult environment, Shell is going ahead with its 65.5-billion-euro acquisition of the British oil and gas company BG Group, which was agreed upon in April this year and is expected to be completed in early 2016. Endit