Shell reports drop in 2nd quarter profit to $3.9 billion

July 30, 2015 6:52 AM

24 0

LONDON – Oil giant Royal Dutch Shell says second-quarter net income fell 25 percent to $3.9 billion as the prolonged impact of lower crude prices continues to hurt the bottom line.

Shell also announced Thursday it would reduce capital investment by an additional $3 billion this year, bringing the total reduction to 20 percent over 2014 levels. The company also says it expects to cut 6,500 staff and contractor jobs in 2015.

Also read: WeWork in Talks With SoftBank to Double Valuation to as Much as $40 Billion

Read more

To category page