The second quarter was not kind to some of the oil majors.
Royal Dutch Shell revealed that its quarterly profits dropped by 33 percent compared to the same quarter a year ago. Its upstream unit fared worse, with revenues down almost 80 percent year-on-year. Its output also declined by 11 percent as its multiyear divestment program took its toll. Shell’s CEO said that the company was preparing for a prolonged downturn, and that it would slash another 6,500 jobs to trim down the company’s costs. The company will also slash capital expenditures by 20 percent.
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