European oil giant Royal Dutch Shell reported dismal results for Q3. The corporation incurred the largest losses for the latest decade. Shell assets fell in value amid a plunge in global oil prices. Therefore, pre-tax loss was $7.42 billion in Q3 compared to profit of $4.46 billion in the reporting period last year. On a CCS basis (current cost of supplies), the company reported a loss of $6.1 billion compared with a gain of $5.3 billion for the same quarter a year ago. Excluding one-time factors, CCS earnings plummeted a whopping 70% to $1.8 billion. Analysts had expected CCS earnings to equal $2.92 billion. Total revenue and other income sank to $69.184 billion from $109.825 billion in Q3 2014. On the back of the global oil glut, Royal Dutch Shell is taking steps to review and scale down its long-term projects. The company has halted the Camron Creek project in West Canada, the shale gas project in Kharkiv and former Donetsk regions in Ukraine, and exploration activities offshore Alaska in the Chukchi Sea. Shell shares have dropped 22% in value since early 2015. Currently, the capitalization totals £109.4 billion ($167 billion).
