Categories: Oil & Auto

Royal Dutch Shell Posts Loss In Q3 Amid Lower Prices

The FINANCIAL — European oil giant Royal Dutch Shell Plc. on October 29 reported a third-quarter attributable loss of $7.416 billion or $1.16 per share, compared to earnings of $4.463 billion or $0.70 per share last year, according to Nasdaq.

Pre-tax loss was $9.123 billion, compared to profit of $8.118 billion last year.

On a current cost of supplies or CCS basis, the company reported a loss of $6.1 billion compared with a gain of $5.3 billion for the same quarter a year ago.

ADVERTISEMENT

The latest results included substantial charges, reflecting a lower oil and gas price outlook and the firm steps the firm is taking to review and reduce Shell’s longer-term option set. The company has halted exploration activities offshore Alaska, and stopped the construction of the Carmon Creek in-situ oil project in Canada.

Adjusted CCS earnings were $1.8 billion compared with $5.8 billion last year. Shell said earnings were impacted by non-cash charges of some $1.0 billion related to adverse currency exchange rate effects on deferred tax positions and financing items which were not included as identified items.

Total revenue and other income plunged to $69.184 billion from last year’s $109.825 billion.

Royal Dutch Shell Chief Executive Officer Ben van Beurden said, “Shell’s integrated business and our performance drive are helping to mitigate the impact of low oil prices on the bottom line, in what is a difficult environment for the industry today. We continue to improve the operational performance of our assets, and production volumes are up.”

Shell announced a third quarter dividend of $0.47 per ordinary share and $0.94 per American Depositary Share.

 

The FINANCIAL

Share
Published by
The FINANCIAL

Recent Posts

Gartner Finance Survey Shows 55% of Functions Aiming for a Touchless Close by 2025

A February 2022 survey of 155 finance executives revealed that 55% of respondents are aiming…

4 hours ago

Gartner Survey Reveals Marketing Analytics are Only Influencing 53% of Decisions

Marketing analytics are responsible for influencing just over half (53%) of marketing decisions, according to…

4 hours ago

Home values in U.S. decline for second month as competition eases

In addition to affordability challenges, recent volatility in mortgage rates is making it difficult for…

5 hours ago

Gartner Identifies Key Emerging Technologies Expanding Immersive Experiences, Accelerating AI Automation and Optimizing Technologist Delivery

The 25 emerging technologies to watch on the Gartner, Inc. Hype Cycle for Emerging Technologies,…

5 hours ago

World is More Concerned About Climate Change, Decline in Worry About the Coronavirus

Four in ten (40%) globally say inflation is one of the biggest issues affecting their…

5 hours ago

The BMW M Hybrid V8 has arrived in North America

Los Angeles. The BMW M Hybrid V8 has arrived in North America and was presented…

6 hours ago