Shell, Eni give cool outlook as profits take a tumble
China Daily | Updated: 2009-10-30 08:10
LONDON: Oil majors Royal Dutch Shell Plc and Eni warned of a slow recovery, highlighting weak energy demand and operational challenges, as their profits slumped.
Shell, Europe's largest oil company by market value, said it was cutting 5,000 jobs to tackle the tough economic environment.
The results and pessimistic outlook contrast with third- quarter earnings from London-based BP Plc which smashed forecasts by 50 percent, lifting sector shares on hopes the industry would weather the economic slump better than expected.
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