7/30, 8:10 AM (Source: TeleTrader)
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Shell reports loss of $18.1 billion in Q2

Royal Dutch Shell announced on Thursday its IFRS loss in the second quarter of 2020 amounted to $18.1 billion, compared to an income attributable to shareholders of $3 billion reported a year ago.

The company's adjusted earnings dropped from $3.5 billion to $0.6 billion, worsening by 83% year-on-year, while its cash flow from operating activities worsened by 32%, from $5.3 billion to $3.6 billion.

"Shell has delivered resilient cash flow in a remarkably challenging environment. We continue to focus on safe and reliable operations and our decisive cash preservation measures will underpin the strengthening of our balance sheet. Our high-quality integrated portfolio, disciplined execution, and forward-looking strategy enable sustained competitive free cash flow generation," the company's Chief Executive Officer (CEO) Ben van Beurden said.

Breaking the News / JR