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Profit drop Shell reports £4bn loss

The oil company reported a loss of $6.1bn (£4bn) in the quarter, compared with a $5.3bn profit last year.

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Royal Dutch Shell has reported a loss for the third quarter of the year, after taking a big charge to reflect the cost of halting major projects.

The oil company reported a loss of $6.1bn (£4bn) in the quarter, compared with a $5.3bn profit last year.

It has taken an $8.6bn charge to cover the cost of halting projects such as Alaskan drilling and the Carmon Creek oil sands project in Canada.

The charges also reflect its lower predictions for the oil and gas prices.

"These are difficult, but impactful decisions," said chief executive Ben van Beurden.

"I am determined that Shell will become a more focused and competitive company as a result."

Credit: BBC

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