Declining oil prices significantly impacted the profits of Royal Dutch Shell, which reported the lowest earnings in over a decade. Reported profits sank 72 percent, for a total reported profit of $1.05 billion. Company leadership cites low oil prices, which traded around $44 per barrel last week which is up from $35.21 earlier this year, and $63.50 a year ago. The oil industry has shown no signs of recovery. Sorry for your loss.
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Qntra - Herald Of The Most Serene Republic |
That RDS and so many of their competitors can still turn a profit when oil prices have halved almost overnight is a testament to their operational flexibility and their willingness to unload excess labour. The only question that remains, who really needs $100 oil ? A $bn is still cool.