Shell, BP trim sails

David Knott London Royal Dutch/Shell and BP Amoco plc have furled their sails in anticipation that oil prices will stay becalmed at $10-11/bbl, with BP Amoco preparing for further reductions in its crew. Disclosing results for 1998, both blamed dramatically reduced income on low oil prices. RD/Shell reported earnings, before special items, of $5.146 billion for the year, down from $8.031 billion in 1997. But net income after special charges fell a massive 95% on the year, to $350 million from $7.753 billion. That resulted from a write-down of $4.4 billion in the fourth quarter to cover anticipated redundancy and restructuring charges plus as...

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