Rivals Royal Dutch Shell and BP Plc have disclosed massive spending cuts and writedowns due to the price drop. The company’s oil and gas operations will swing to a loss compared with the first quarter because of lower prices that reduce operating profit between $2.5 billion and $3.1 billion, the company said in a filing designed to give investors a snapshot of its operations. Its refining unit will suffer losses estimated to be between $800 million and $1.l billion, larger than its first quarter loss, it said. …read more
Source:: Yahoo Finance
