WRAPUP 1-Oil industry slipping into the red as outlook dims

Thu Oct 29, 2015 10:37am EDT
 
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* Seven of 10 majors to have reported Q3 results registered losses

* Shell posts $7.4 bln loss after heavy write-offs

* Italian major Eni reports $1 bln loss

* Sector challenged by lower-for-longer oil price outlook

By Ron Bousso and Karolin Schaps

LONDON, Oct 29 (Reuters) - The oil sector is gradually slipping into the red after years of fat profits as the slump in oil prices and a grim outlook bite deeper.

The world's top oil companies have struggled in recent months to cope with the halving of oil prices since June 2014, cutting spending repeatedly, making thousands of job cuts and scrapping projects.

The lower-for-longer outlook for oil prices took its heaviest toll yet in the third quarter as oil companies once again reported a dramatic drop in income, with some falling to a loss, having taken impairment charges of about $25 billion in the first nine months of the year.

With 10 of the top 20 European and North American oil and gas producers having reported third-quarter results, seven have posted losses.   Continued...