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Shell to cut at least another 2,200 jobs globally

Shell expects 4th Q profits to drop at least 40 percent

LONDON (AP) — Anglo-Dutch oil company Royal Dutch Shell says it will trim at least 2,200 jobs globally amid challenging times in the oil industry. The losses are in addition to cuts already being implemented because of the energy company’s merger with BG. The losses will include some 475 positions in the North Sea. Oil companies around the world are ...

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Royal Dutch Shell first quarter earnings down 58 percent

LONDON (AP) — Oil company Royal Dutch Shell said first-quarter earnings plunged 58 percent as depressed crude prices create “hugely challenging times” for the energy industry. The Anglo-Dutch company said Wednesday that profit adjusted for changes in the value of inventories and excluding one-time items dropped to $1.55 billion from $3.74 billion in the same period of 2015. The results ...

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Iraq exports first natural gas shipment in its history

BAGHDAD (AP) — Iraq on Sunday exported the first shipment of natural gas in its history, a key development for the OPEC member struggling to feed a cash-strapped economy amid an expensive fight against the Islamic State group. The move revives a long-sought ambition by Iraq to be a gas exporter, thanks to a joint venture with Anglo-Dutch Royal Dutch ...

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Shell, Saudi Aramco split assets, including big US refinery

Dusk view of a refinery in Port Arthur, Texas. (Image: IIP Photo Archive via Flickr)

DUBAI, United Arab Emirates (AP) — Royal Dutch Shell PLC and Saudi Arabian Oil Co. will split up the assets of their joint U.S. venture, which will see the kingdom’s state-owned producer take full ownership of America’s biggest oil refinery, the companies announced late Wednesday. The Port Arthur, Texas, refinery, located about 90 miles (140 kilometers) east of Houston, produces ...

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Shell reports 44 percent drop in 4Q earnings

Shell reports 44 percent drop in 4th quarter earnings

LONDON — Royal Dutch Shell said fourth-quarter earnings tumbled 44 percent as the collapse in oil prices took its toll on another European oil company. Profit adjusted for changes in the value of inventories and one-time items dropped to $1.83 billion from $3.26 billion in the same period a year earlier, the Anglo-Dutch energy giant said Thursday. The results came ...

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Oil industry cutting jobs, investment to offset lower prices

Oil companies are cutting investment, slashing jobs and selling off pipelines and other assets as crude prices plunge. “It’s going to be a very turbulent year for our industry,” says BP CEO Bob Dudley. The latest warnings came from Exxon Mobil, which reported Tuesday that fourth-quarter earnings fell 58 percent in the oil giant’s weakest quarter since 2002. The results ...

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Shell shareholders approve deal to buy UK rival BG

Shell expects 4th Q profits to drop at least 40 percent

LONDON — Royal Dutch Shell shareholders have overwhelmingly backed the 34 billion pound ($49 billion) bid to buy BG Group, despite a slide in oil prices that have had some critics wondering about the wisdom of the mega-deal. More than 80 percent of shareholders approved the move on Wednesday. The deal will boost Shell’s oil and gas reserves by 25 ...

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