Summary
SHELL beat expectations and surpassed its rival BP with first- quarter profits of Pounds 3.3bn, up 12pc, but enthusiasm was dampened by concerns about its oil reserves.
The Anglo-Dutch energy giant is no longer targeting a 100pc reserve replacement which means it will not match existing production with new oil finds. It also said higher costs may cause projects to be put on hold.See the full content of this document
Extract
Sea Change for Shell Over Its Oil Reserves
The comments fuelled concerns about its poor record of finding oil and gas...
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