... Shell’s Chemical Profits Plunge

Shell’s chemical business posted a big drop in second-quarter profits to $157 million, from $626 million a year earlier. The chemical business reported a $142-million loss for the second quarter on a current cost of supplies (CCS) basis, compared with a $494-million profit in the year-ago quarter. The CCS loss includes a $206-million extraordinary charge reflecting asset impairments and provisions totaling $265 million, which were slightly offset by a divestment gain of $59 million. The result also reflects “lower realized margins, higher...

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