Shell posts lowest income in at least 13 years as oil price takes toll

Shell, whose shareholders last week approved its takeover of rival BG Group, said 2015 income fell 87 percent year on year to $1.94 billion
Shell posts lowest income in at least 13 years as oil price takes toll
(Getty Images)
By Abdul Rawuf
Thu 04 Feb 2016 12:12 PM

Royal Dutch Shell, Europe's largest oil company, reported its lowest annual income in at least 13 years on Thursday as slumping oil prices hit profits.

Shell, whose shareholders last week approved its takeover of rival BG Group, said 2015 income fell 87 percent year on year to $1.94 billion, in line with analysts' estimates.

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's full-year capital spending, or capex, came in at $28.9 billion, $8.4 billion lower than in 2014. Capex for the combined Shell-BG group was expected to reach $33 billion in 2016, a 45 percent reduction from their combined spending.

Shell sold $5.5 billion worth of assets in 2015, it said.

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.