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  • NEW YORK— As drivers, shippers and airlines continue to enjoy lower fuel prices, the oil industry is responding to much lower profits with sharp cuts in spending and employment that are hurting economic growth. For instance, Exxon Mobil said Friday it cut spending by $1.54 billion in the second quarter, while Chevron announced it is laying off 1,500 workers.

  • July 31- Weak oil prices shriveled quarterly profit at Exxon Mobil Corp and Chevron Corp on Friday, compelling both companies to rethink operations and plan for what many expect to be a sustained period of cheap crude. Evan Calio, an analyst with Morgan Stanley, said on Exxon's earnings conference call that the oil giant appeared to be less vocal than its peers...

  • LONDON, July 31- BG Group's second-quarter earnings nearly halved as it took yet another hit from persistently weak crude prices though record oil and gas production limited the damage. Growth in the second quarter was driven by Australia and Brazil, where volumes in both more than doubled to an average of 80,000 barrels per day in Australia and 143,000 for...

  • A blockade in Portland, Oregon, that included environmental protesters dangling from a bridge unsuccessfully attempted to keep a Royal Dutch Shell icebreaker from leaving for oil drilling in the Arctic. Royal Dutch Shell PLC and other companies want to tap into U.S. Offshore Alaska offers some of the most prolific, undeveloped hydrocarbon basins in the world,...

  • PORTLAND, Ore.— Authorities used boats, personal watercraft, poles and their bare hands to remove protesters in kayaks and hanging from bridges who had tried to block a Royal Dutch Shell icebreaker bound for an Arctic drilling operation. The Fennica left dry dock Thursday afternoon and made its way down the Willamette River toward the Pacific Ocean soon after...

  • PORTLAND, Ore., July 30- An icebreaking vessel key to Royal Dutch Shell's plans to drill for oil in the Arctic departed Portland, Oregon, late on Thursday, navigating between a narrow gap of environmental activists dangling from a bridge after a two-day human blockade. Several Greenpeace activists appeared to bow to orders from police to lower themselves into...

  • PORTLAND, Ore., July 30- Greenpeace protesters dangling from a bridge in Portland, Oregon, on Thursday forced back an icebreaker that Royal Dutch Shell needs in Alaska to start drilling in the Arctic. The 13 Greenpeace protesters, who rappelled down from the bridge over the Willamette River early on Wednesday, are hoping to shorten Shell's Arctic drilling season...

  • Just days into the second-quarter earnings season, Chevron Corp and Royal Dutch Shell Plc said they would slash a combined 8,000 thousand jobs around the world. In North Dakota, Whiting Petroleum Corp, the top producer in the No. 2 U.S. oil patch, cut its capital expenditure budget days after optimistically raising it 15 percent on bets the renewed downturn in...

  • PORTLAND, Ore., July 30- Greenpeace protestors dangling from a bridge on Thursday in Portland, Oregon, halted an icebreaker that Royal Dutch Shell needs in northern Alaska before it can start drilling into the region's oil zone. The 13 Greenpeace protestors, who rappelled down from the bridge over the Willamette River early on Wednesday, are hoping to shorten...

  • PORTLAND, Ore.— A federal judge in Alaska on Thursday ordered Greenpeace USA to pay a fine of $2,500 for every hour that protesters dangle from a bridge in Oregon and block a Royal Dutch Shell icebreaker from leaving for oil drilling in the Arctic. There was no sign that the protesters were going to abandon the blockade in Portland after the ruling in Anchorage by...

  • *Shell cuts 2015 capex by another $3 bln to $30 bln. LONDON, July 30- Royal Dutch Shell is to axe 6,500 jobs this year and step up spending cuts as it seeks to reassure investors it can withstand an extended period of lower oil prices, even through its planned $70 billion acquisition of BG Group. Like rivals BP, Statoil and Total it announced reductions in capital...

  • LONDON, July 30- European equities were set for their third straight day of gains on Thursday, with results from Siemens, Nokia and Deutsche Bank underpinning signs of a euro zone recovery. However, worries over China's growth and an emerging-markets slowdown weighed on companies including Anheuser-Busch InBev, while French carmaker Renault warned of a "...

  • Shell Oil posts 2Q profit Thursday, 30 Jul 2015 | 5:03 AM ET

    THE HAGUE, Netherlands _ Royal Dutch Shell PLC on Thursday reported second-quarter profit of $3.99 billion. Shell Oil shares have declined 17 percent since the beginning of the year. Keywords: Shell Oil, Earnings Report.

  • By Ron Bousso and Karolin Schaps. LONDON, July 30- Royal Dutch Shell is to axe 6,500 jobs this year and step up spending cuts to deal with an extended period of lower oil prices which contributed to a 37 percent drop in the oil and gas group's second-quarter profits. The Anglo-Dutch company also said it was planning more asset disposals as it pushes ahead with its...

  • Shell to cut jobs to cope with long period of cheap oil Thursday, 30 Jul 2015 | 2:52 AM ET

    LONDON— Royal Dutch Shell announced deep cuts to jobs and investment on Thursday as the global energy giant prepares for a prolonged period of low oil prices. Brent crude, a benchmark for North Sea oil, averaged about $62 a barrel during the period, down from $110 in the second quarter of 2014.. Shell plans to bolster earnings through the $70 billion acquisition of...

  • LONDON, July 30- Royal Dutch Shell on Thursday reported a 37 percent drop in second quarter profits and said it would cut 6,500 jobs this year and reduce spending further to deal with an extended period of lower oil prices. The Anglo-Dutch oil and gas company also said it was planning more asset disposals alongside its proposed $70 billion acquisition of BG Group,...

  • Shell plans for 'prolonged downturn' in oil prices Thursday, 30 Jul 2015 | 2:21 AM ET
    An employee holds a control panel as barrels are filled with lubricant oil for shipping at Royal Dutch Shell Plc's plant in Torzhok, Russia, March 21, 2014.

    Royal Dutch Shell warned on Thursday that lower oil prices could continue for several years, as earnings fell by a third.

  • Shell cuts 2015 capex again to face oil downturn Thursday, 30 Jul 2015 | 2:03 AM ET

    LONDON, July 30- Royal Dutch Shell said on Thursday it will further reduce 2015 capital investment to $30 billion, down by 20 percent from a year ago as it expects the downturn in oil prices to "last for several years." Shell earlier this year cut its capital expenditure, or capex, to $33 billion from around $35 billion in 2014.. Shell said it expects $30 billion of asset...

  • Stocks open lower in US after some weaker company results Thursday, 30 Jul 2015 | 12:52 AM ET

    BEIJING— Most major global markets rose Thursday after the U.S. KEEPING SCORE: Germany's DAX gained 0.5 percent to 11,263.71 and France's CAC-40 was up 0.6 percent at 5,047.43. Britain's FTSE 100 gained 0.7 percent to 6,680.37.

  • Greenpeace USA executive director Annie Leonard said the activists have enough water and food to last for days, and can hoist themselves to allow other marine traffic to pass. The Royal Dutch Shell PLC icebreaker Fennica arrived in Portland for repairs last week. "These climbers hanging on the bridge really are at this point the last thing standing between...