Shell reports sharp drop in profits

Nov 2, 2012

Energy giant's profits slide to $6.6bn as oil and gas prices fall worldwide

Shell has reported a drop in profits of six per cent for the third quarter and warned that the global economy is weakening "just about everywhere", reports The Guardian. The energy giant saw its profits slide to $6.6bn as oil and gas prices fell worldwide, with US gas down 38 per cent in the year and Brent crude down almost four per cent over the same period. Shell's chief financial officer Simon Henry said that "European demand, specifically consumer and commercial industrial demand, is pretty weak across the board and there are few signs of recovery."

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