Shell suffers 80% drop in 2015 profits on oil price collapse

To cut 10,000 jobs

Profits at Royal Dutch Shell fell by 80% last year to £2.6bn, as the global slump in oil prices weighed on the FTSE 100 giant.

This morning, the oil major was the latest to announce the full impact of the sharp fall in oil prices on its business in 2015. The Anglo-Dutch group also revealed its earnings on a current cost of supplies basis fell by 56% in the last three months of the year to $1.8bn, dragging down full-year profits by 80%. Excluding exceptional items, its full year profit was down 53%, to $10.7bn (£7.3bn), slightly below analysts' forecasts. The oil price has fallen from a peak of $115 per barrel in 2014 to around $40 by the end of 2015, and has continued to slump as low as $30 in January. ...