Shell lost USD 7.4 billion in Q3

Oil giant Shell is very much feeling the impact of falling oil prices and canceled projects, and the company sees a staggering 266 percent reduction in earnings in its third quarter, while its bottom line drops deep into the red.

Photo: Shell

Like many companies in the industry, oil giant Shell is feeling the heat from falling oil prices, and the company sees a drop of 266 percent in earnings in its third quarter. The bottom line dips deep into the red after the oil company was forced to pull out of a number of search projects.

The so-called CCS earnings (currenty cost of supplies) came to a deficit of USD 6,1 billion compared with a positive result of USD 5.3 billion in the same quarter last year, a drop of 216 percent, the interim report shows.

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