Oil company reveals quarterly loss of $7.4bn but refining and marketing business provide strength for cash flowShell has revealed the $8bn (£5.2bn) cost of scrapping Arctic drilling,abandoning a enormous Canadian tar sands project and preparing itself for continued low oil prices.
The charges, which sent the company to a quarterly loss of $7.4bn, and included a $2.6bn write-off for withdrawal from the Alaskan Arctic and an additional $2bn charge on the Carmon Creek oil sands project in Canada,where the company suspended building on Tuesday. Continue reading...
Source: theguardian.com