Shell reports net loss of $7.4 billion for Q3 after write-offs
As oil and gas prices are down around 50% from a year earlier, Shell’s earnings from extraction were hurt. CEO Ben van Beurden said in a statement, “We are making changes to Shell’s portfolio mix by reviewing our longer-term upstream options worldwide, and managing affordability and exposure in the current world of lower oil prices.
Similar to other oil companies, Shell is having problems making money from the core business of finding, producing, and selling oil and gas. Shell’s chief financial officer Simon Henry said that the company’s break-even price for oil was about $60 per barrel. Prices for Brent crude have been hovering around $48 a barrel.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Firming PP trend falters in China’s local market
- European players question if bottom is near for PE
- Asian ABS players turn cautious after recent rally
- July PVC dealt lower in Europe, what lies ahead for August?
- China’s Jan-May total polymer imports hit a record of nearly two decades
- India’s local PVC market soars to 6-month high after customs hike
- China’s export PET market faces correction after rising 10% from two-year-low
- Spot propylene moves in opposite directions in Asia and Europe
- European PS hits year-to-date low on July drops
- Turkey’s PP market on par with China, LLDPE and HDPE trade at discount