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Posts on ‘April 25th, 2015’

Shell takes hit of £3.2bn amid weak oil price as UK companies’ profit warnings go up

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By JON REES, FINANCIAL MAIL ON SUNDAY: 26 April 2015

Screen Shot 2015-01-12 at 08.45.23Shell is expected to report this week that the weak oil price wiped two-thirds off its earnings in the first three months of the year.

The Anglo-Dutch oil giant, which has tabled a £46billion cash-and-shares deal to buy British gas explorer BG Group, is poised to report profits falling to £1.6billion from £4.8billion for the same period last year.

The price of a barrel of Brent crude oil, the benchmark for the oil industry which is denominated in dollars, has fallen from $115 (£76.60) a barrel last summer to $64 on Friday. Other oil indices have fallen too. read more

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