- Shell (RDS.A, RDS.B) is bracing for a "prolonged downturn," the company declared as it reported a sharp fall in Q2 profit and said it would cut 6,500 jobs and full-year capex to $30B.
- Quarterly profit on a current cost-of-supplies basis dropped to $3.4B from $5.1B a year earlier, meeting analyst expectations.
- Shell has still acted boldly despite a slump in crude prices. In April it signed a $70B deal to acquire BG Group, and is pressing ahead with expensive plans to drill in the Arctic.