Shell extends losses in Q2 on lower oil prices
In the April-June period, the company’s loss from oil and gas production rose to $1.3 billion from $469 million in the same period of last year. Shell’s downstream profit including refining also plunged 39% to $1.8 billion while earnings from integrated gas, which includes liquefied natural gas, fell 38% in the second quarter.
Shell’s production was reported at 3.51 million barrels of oil per day (bpd) in the second quarter, lower than analysts’ estimates of 3.63 million bpd.
The company reported that lower energy prices, weaker refining margins and production halts weighed on the company’s financial results in the April-June period, adding that the company may implement further cuts in expenditures and hold more projects if oil prices stay below the $50/barrel threshold.
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