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Shell Profit Falls More Than Expected as Oil Prices Drop
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Royal Dutch Shell Plc, Europe’s biggest oil company, reported a larger decline than expected in second-quarter earnings as crude prices dropped and maintenance work on fields held back production.
Profit fell 13 percent, excluding one-time items and inventory changes, to $5.7 billion, The Hague-based Shell said today in a statement. That missed the $6.3 billion average estimate of 10 analysts surveyed by Bloomberg. Benchmark Brent crude futures slid 7 percent from a year earlier to average $108.76 a barrel on slowing global economic growth.