Shell Leads $19 Billion of Gas, Oil Charges in a Week
- Shell reports $8.2 billion in charges in third quarter
- Predictions of future cash flow have fallen along with prices
Oil Company Profits Decline, Dividends Are at Risk
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More than $19 billion in oil and gas charges have been reported in a single week as producers acknowledge what investors already knew.
Royal Dutch Shell Plc leads the pack in recognizing that drilling prospects are worth a lot less than they used to. The producer announced its worst loss in 16 years on Thursday, including $8.2 billion in charges. Southwestern Energy Co., Whiting Petroleum Corp. and Anadarko Petroleum Corp. have likewise written off acreage value.