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...
- 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
- Asian PVC sees V-shaped recovery in Q2, what will Q3 bring?
- Will capacity additions cast cloud on ethylene upsurge in Asia?
- US PVC offers in Egypt rise steadily but resistance grows in tandem
- PE buyers’ resistance grows in SEA; duty-free origins more competitive than Mid-East
- Polymer demand cools in Turkey: Is price correction ahead for PP, PE and PVC?
- China’s rising PET trend takes a pause, but longer-term outlook remains firm
- Uptrend in China’s import PP market continues but cautious mood returns