Low Oil Prices Weigh on BP & Shell


AP: “Two of Europe's largest energy companies said Tuesday that low oil prices weighed on underlying earnings once again in the third quarter and predicted that the price backdrop won't be returning to the heights seen as recently as 2014 anytime soon. BP reported that its profit before one-time items and after adjusting for the cost of inventories fell 48 percent to $933 million. Rival Royal Dutch Shell did report an 18 percent increase in comparable earnings to $2.79 billion but that was largely due to production stemming from its recent acquisition of BG Group.”