Oil: European oil giants have noted a sharp drop in profits

European oil giants Royal Dutch Shell plc and Statoil ASA are the latest companies that demonstrate just how much they have suffered from the decline in oil prices, after they had on Thursday, provided information regarding the sharp decline in their profits for the fourth quarter. Unsatisfactory results from BP and Exxon have registered similar disappointing figures on Tuesday.

Shell reported a profit of $ 1.9 billion. United States in 2015, which was 87 percent less than the income of 14.8 billion. US dollars registered in 2014. Cash flow from operating activities for the entire 2015 was 29.8 billion US dollars (2014 -.. 45 billion USD)., And cash flow from operating activities for the full year was 24.3 billion US dollars (2014.. - 38.6 billion. US dollars). Shell Investments in 2015 amounted to 28.9 billion US dollars, which was a US $ 8.4 billion. Less than in 2014.

Joint investment Shell and BG after the completion of their merger, which will be carried out “in a few weeks”, according to the statement of General Shell director Ben van Bearden, is expected to be 33 billion US dollars for the full 2016 -. 45 percent lower joint costs, which reached its peak in 2013. In addition to reducing costs, Shell company warned that it preserves the flexibility for further reductions “if this is dictated by the situation.” Operating expenses for the entire company Shell in 2015 decreased by 4.1 billion. US dollars, up 41.1 billion US dollars, and the company’s costs are expected to fall again in 2016 for another 3 billion. US dollars.

By Shell Oil and gas production in 2015 was 2.954 mln. Barrels of oil equivalent per day, an increase of 4 per cent lower than in 2014 year. At the end of 2015, confirmed by the company, the total reserves on the SEC basis of principle, be expected to be 11.7 billion barrels of oil equivalent, after taking into account the production in 2015.

10 February 2016

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