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Shell confirms major decline of income

Xinhua, February 5, 2016 Adjust font size:

Shell posted a huge decline of income and earnings in 2015, the Anglo-Dutch oil and gas company announced on Thursday.

Shell posted its preliminary results two weeks before its general meeting on January 27, in which shareholders voted in favor of the acquisition of the British oil and gas company BG Group. The definite results on Thursday were as expected.

The income attributable to shareholders dropped by 87 percent from 13.34 billion euros in 2014 (14.93 billion U.S. dollars) to 1.74 billion euros in 2015.

The earnings on a current cost of supplies basis (CCS), excluding identified items, went down by 53 percent from 20.22 billion euros in 2014 to 9.57 billion euros in 2015.

Despite the results, CEO Ben van Beurden said: "The completion of the BG transaction, which we are expecting in a matter of weeks, marks the start of a new chapter in Shell, rejuvenating the company, and improving shareholder returns."

The CEO added the company had taken measures to handle the current circumstances. "We are making substantial changes in the company, reorganizing our Upstream, and reducing costs and capital investment, as we refocus Shell, and respond to lower oil prices," he said.

"As we have previously indicated, this will include a reduction of some 10,000 staff and direct contractor positions in 2015 to 2016 across both companies." he added. Enditem