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.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- China HDPE market’s premium over LLDPE hits highest in a year
- Indian PVC players expect bullish trend to taper off for August
- Local PP, PE offers for July track global uptrend in Saudi Arabia
- Initial ABS prices for July see larger increases than PS in Europe
- Supply constraints spark stronger PE trend than PP in global markets
- ABS, PS uptrend falters in China after H1 2020 ends at multi-month highs
- Stats: China’s total PP imports spike in May; Vietnam and India’s rising shares shine out
- Tight supply drives HDPE, LLDPE gains in Southeast Asia
- European PE markets set for 2nd bullish month on rising costs
- Turkey’s PP and PE markets propelled to a firm start to H2 despite vulnerable conditions