Daily Management Review

Shell's profit drops to 2.5 years minimum due to low oil and gas prices


08/02/2019


Royal Dutch Shell's profit in the second quarter fell to a minimum of two and a half years due to lower gas prices and refining margins, and fell short of analysts' forecasts.



Open Grid Scheduler / Grid Engine via flickr
Open Grid Scheduler / Grid Engine via flickr
One of the largest energy companies in the world reported a 25% decrease in net profit due to shareholders, based on the current value of supplies and not including certain balance sheet items, to $ 3.6 billion compared to last year.

The indicator has reached a minimum since the end of 2016.

Analysts had forecast a profit of $ 4.93 billion, according to the company’s survey.

“Despite the volatility of profits, we achieved good cash flow performance for the quarter, which was characterized by a difficult macroeconomic situation in oil refining and petrochemicals, as well as lower gas prices,” said Shell CEO Ben Van Beurden.

Cash flow, one of the company's key indicators, rose to $ 11 billion from $ 9.5 billion a year earlier.

Free cash flow declined to $ 6.9 billion. The company previously announced that it intends to reach the figure from $ 25 to $ 30 billion a year between 2019 and 2021, and by 2025 - up to $ 35 billion.

source: reuters.com






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