July 28, 2016
Royal Dutch Shell earnings missed expectations by a billion dollars and the result may be more cutbacks in capital spending. That was a 72% drop in profits. The big miss follows disappointing results from BP as the Industry is feeling the effects from the collapse in refining margins, which was the savior of big oil after the crude oil price crash. With the falling production at Shell from disruptions of supply in Nigeria and Canada and a hit on its natural gas business, it’s clear that Shell and most other oil companies are going to make more cutbacks.