Shell posts lowest annual income in at least 13 yearsFebruary 4, 2016 - 14:41 AMT PanARMENIAN.Net - Royal Dutch Shell, Europe's largest oil company, posted its lowest annual income in at least 13 years on Thursday, Feb 4, vowing to take further steps to weather the worst downturn in over a decade, Reuters reports. Shell, whose shareholders last week approved its takeover of rival BG Group, said 2015 income fell 87 percent to $1.94 billion, in line with analysts' estimates, the lowest since at least 2002 as its oil and gas production unit took a big hit. "Shell will take further impactful decisions to manage through the oil price downturn, should conditions warrant that," Chief Executive Ben van Beurden said in a statement. Shell's earnings are the latest demonstration of how badly oil producers are suffering from weak oil prices. The world's largest oil company, ExxonMobil, this week reported its smallest quarterly profit in more than a decade, while BP's 2015 loss was its biggest ever. Shell has scrapped multi-billion projects over the past year to weather the downturn, including its controversial exploration program in the Alaskan Arctic Sea, the Bab sour gas field in Abu Dhabi and the Carmon Creek oil sands project in Canada. Norway's Statoil said on Thursday it would cut 2016 capital expenditure (capex) by $1.7 billion year on year. Shell's 2015 capex came in at $28.9 billion, down $8.4 billion from a year earlier. For 2016, capex is expected to reach $33 billion for Shell-BG combined. Shell's fourth-quarter current cost of supplies (CCS)earnings excluding identified items, its preferred way of measuring profits, fell 44 percent to $1.83 billion. Shell sold $5.5 billion worth of assets in 2015, it said. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Viva-MTS: Tech solutions to modernize infrastructure of border village The border village has been the focus of Viva-MTS and the Foundation for the Preservation of Wildlife and Cultural Values since 2015. Ucom's fixed network launched in Artashat To mark this occasion, the company has introduced a special offer exclusively for Artashat residents. “By Your Side”: IDBank's new support program for displaced Artsakh citizens IDBank is launching a long-term social support program for forcibly displaced Artsakh residents. The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. |