Oil Majors Report Dismal Second Quarter Earnings

On Thursday, some quarterly figures from the oil majors started coming in – and they are mostly negative.  Royal Dutch Shell reported a staggering $18 billion quarterly loss, made worse by a $16.8 billion write-down on a range of its assets. The huge loss came after earning $3 billion in the second quarter of 2019 and reporting a profit of $2.7 billion in the first quarter of this year. When excluding the write-down and other one-off items, Shell eked out a net profit of $638 million.   The $16.8 billion write-down was expected,…