Shell profit drops in volatile second quarter | Financial Times:
Royal Dutch Shell reported a 26 per cent slide in second-quarter earnings, which came well below expectations, after a volatile period that saw lower energy prices coincide with weaker performance in its refining and chemicals businesses.
The Anglo-Dutch oil group said its earnings in the three months to June 30 fell to $3.5bn on a current cost of supply basis, the measure tracked most closely by analysts, and adjusted for exceptional items. This was down from $4.7bn reported in the same period a year ago and far under analysts' consensus estimates of $4.9bn.
Ben van Beurden, Shell’s chief executive, said “we have delivered good cash flow performance, despite earnings volatility, in a quarter that has seen challenging macroeconomic conditions in refining and chemicals as well as lower gas prices.”
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