Refining Saves The Day For Exxon and Shell
By Andy Tully: Posted on Sun, 03 May 2015
The low oil prices that have been dogging the energy industry led to dramatically lower quarterly earnings for Royal Dutch Shell and Exxon Mobil, but the two giant companies did better than analysts had expected.
Profits for Shell, Europe’s largest oil company, amounted to $3.2 billion, adjusted for inventory changes and one-time benefits, during the first quarter of 2015. This was 56 percent lower than its earnings in the same period in 2014, the company reported April 30.
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