Fourth-quarter figures likely to suffer from as much as $7bn in writedowns as controversial BG takeover deadline looms
Shell has warned its fourth-quarter profits may be 50% lower than last time with full year write-offs as high as $7bn (£5bn), underlining the damage being wreaked on the industry by low crude prices.
In the first preliminary results to be reported this year by any of the large oil companies, Shell said it expected earnings to come in at between $1.6bn and $1.9bn and full-year numbers as low as $10.4bn.
Related: Oil market could drown in oversupply in 2016, says IEA
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