Shell loses $6bn on Q3 writedowns

Shell has reported a third quarter loss of $6.1bn - net of $8.2bn of upstream writedowns and charges linked to its unsuccessful Arctic drilling

  Significant charges were already expected since Shell a month ago called off future Arctic drilling "for the foreseeable future" off Alaska, admitting it had sunk $7bn of costs on the failed and environmentally controversial drilling campaign. Speaking at Shell's results on 29 October, CEO Ben van Beurden described Alaska as a "major disappointment... the only good thing was that it was a conclusive result" as the Burger well had been a dry hole. Shell had demobilised its fleet and was winding down activities, he added. Finance chief Simon Henry said the value of Shell's remaining Beaufort and Chukchi Sea leases expiring 2017-20 "won't be significant" as the US had effectively denied an ex