Shell Has Biggest Loss in More Than a Decade on Price Slump
- Company reports net loss after taking $7.9 billion charge
- Third-quarter adjusted profit drops 70% to $1.8 billion
Is There More Cost-Cutting Ahead for Shell?
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Royal Dutch Shell Plc reported its biggest net loss in at least 16 years after Europe’s largest energy group abandoned some projects and lowered its oil-price expectations, resulting in a charge of almost $8 billion.
The loss highlights the pain oil and gas companies are enduring as prices plunge, forcing them into the biggest belt-tightening in a generation. Eni SpA, the Italian oil group, also fell into a loss in the third quarter, while profit slumped at BP Plc and Total SA.