Shell misses expectations as profits plunge 72 per cent

"Profits at Royal Dutch Shell fell by 72 per cent in the second quarter as continued weakness in oil and gas prices weighed on the Anglo-Dutch group.
The results were much worse than market expectations and will add to the gloom hanging over the industry after weak numbers from BP and Statoil earlier in the week and a renewed dip in oil prices below $45 per barrel.
Shell’s steep drop in earnings was especially disappointing for investors because it was the first full quarter after completion of its ￡35bn takeover of BG Group.
Ben van Beurden, chief executive, said low prices “continue to be a significant challenge across the business”, particularly in upstream production. But he insisted integration of BG was going well, while cost cuts were improving underlying performance."