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Shell profits slump after huge write-offs

Published 2015-10-29, 03:16 a/m
© Reuters. Shell profits slump after huge write-offs
SHEL
-

LONDON, Oct 29 (Reuters) - Royal Dutch Shell RDSa.L on
Thursday reported a sharp drop in third-quarter profits on the
back of low oil prices and a hefty $8.2 billion charge which
included write-offs in Alaska and Canada.
Shell's current cost of supplies (CCS) earnings excluding
identified items, the company's definition of net income, fell
to $1.8 billion from $5.85 billion a year earlier and from
$3.835 billion in the previous quarter.
It also fell short of analysts expectations of $2.74
billion, according to a Reuters poll.
Shell maintained its dividend at 47 cents per share.
"These charges reflect both a lower oil and gas price
outlook and the firm steps we are taking to review and reduce
Shell's longer-term option set," Chief Executive Ben van Beurden
said in a statement.
"These are difficult, but impactful decisions. I am
determined that Shell will become a more focused and competitive
company as a result."

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