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Shell's painful legacy

Third-quarter numbers for Shell were hit by £5.1bn in writedowns, as the group cast off uneconomic legacy projects
November 2, 2015

Third-quarter (Q3) profit figures from Royal Dutch Shell (RDSB) were overshadowed by $7.9bn (£5.1bn) in writedowns, including charges linked to the abandonment of the Carmon Creek oil-sands project in Western Canada and the recent cessation of drilling activity in Alaska. Strip out one-off items, adjust for inventory changes, and Shell turned in profit of $1.77bn for the quarter - a 70 per cent decline from the corresponding period in 2014.

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