OPERATIONS

Storms lash oil majors' earnings

Two of Europe's largest oil companies, BP and Royal Dutch/Shell, are this week expected to announ...

Energy companies operating in the Gulf of Mexico lost 14.4 million barrels of crude oil production and 88.9 billion cubic feet of natural gas output because of Hurricane Lilli and Tropical Storm Isidore.

BP this year expects to reduce expenses by $US1.4 billion while Shell is aiming to lower costs by 3%, a target it missed in the first half.

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