Shell takes hit of £3.2bn amid weak oil price as UK companies’ profit warnings go up
By JON REES, FINANCIAL MAIL ON SUNDAY: 26 April 2015
Shell is expected to report this week that the weak oil price wiped two-thirds off its earnings in the first three months of the year.
The Anglo-Dutch oil giant, which has tabled a £46billion cash-and-shares deal to buy British gas explorer BG Group, is poised to report profits falling to £1.6billion from £4.8billion for the same period last year.
The price of a barrel of Brent crude oil, the benchmark for the oil industry which is denominated in dollars, has fallen from $115 (£76.60) a barrel last summer to $64 on Friday. Other oil indices have fallen too.
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