Shale gas glut dents oil major earnings

Financial, International | July 31, 2012 by | 0 Comments

A Chesapeake floorman works on a natural gas rig in Texas©Bloomberg

The US shale gas glut is weighing heavily on oil company earnings, with results at ExxonMobil and Royal Dutch Shell overshadowed by low US natural gas prices.

Shell said its second-quarter earnings fell 13 per cent to $5.7bn compared with $6.6bn a year ago, with weak energy prices a big factor in the drop. It said the price received for natural gas in the US was 52 per cent lower than last year.

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