Shell suffers vast Q3 loss

LONDON: Shell dived into a $7.416-billion third-quarter net loss on huge write-downs after scrapping costly projects in Alaska and Canada, and on slumping oil prices, it said Thursday.
The quarterly loss after taxation -- equivalent to 6.720 billion euros -- in the three months to September contrasted with a net profit of $4.463 billion in the same period of 2014, Royal Dutch Shell said in a statement.
The Anglo-Dutch energy giant took a net charge of $8.218 billion that was "mainly related to management decisions to halt longer-term projects and a downward revision to the oil and gas price outlook".
Shell had announced Tuesday it would halt construction of its Carmon Creek thermal oil sands venture in Canada due to "uncertainties" facing the project, including a lack of infrastructure.