Shell to suffer profits plunge on oil price collapse
An article by Christopher Williams published 26 April 2015 by The Sunday Telegraph
Shell to suffer profits plunge on oil price collapse
Dutch earthquake fears also trim gas production
Shell is expected to reveal this week that the collapse in the price of oil has wiped off two thirds of its first quarter profits.
The giant has been hit hard by the economic and geopolitical forces set against the price of oil, which at $65 per barrel costs little more than half as much as it did last summer, in spite of recent gains.
Analysts at JP Morgan said Shell is expected to report profits of £1.6bn, adjusted for one-off charges, compared with £4.8bn for the first three months of last year, when Brent crude was comfortably above $100 per barrel.
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