Shell: net profit down 89% in first quarter

The collapse in oil prices affect in a decisive manner on Royal Dutch Shell accounts. The Anglo-Dutch giant has closed the first quarter with a net profit of 421 million euro, a 89% decrease compared to 4.43 billion dollars in the same period of 2015. Without considering depreciation and exceptional costs, net profit amounted to $ 1.55 billion, -58%. The company also announced that it has reduced to 30 billion dollars from 33 previously expected, the investments planned in 2016.

"We continue to reduce our spending levels to seize opportunities for cost and manage the financial framework in the context of lower crude oil prices," he commented to, Ben van Beurden, "integration with British Gas is bound to a departure robust, as a result of detailed planning and advanced before the completion of the transaction. This will likely result in an acceleration of the unfolding of synergies from the acquisition at lower costs than expected ".