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Shell warns of possible $500 million hit from Hurricane Ida

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Posted at 1:52 PM, Oct 07, 2021

LONDON (AP) - Oil giant Royal Dutch Shell has warned that it will take an earnings hit of up to $500 million as a result of the disruptions caused by Hurricane Ida.

The hurricane hit the Gulf of Mexico in late August. In an update to shareholders on Thursday, Shell said Ida has reduced oil production by around 90,000 barrels a day.

The company says its main earnings hit has been felt in the upstream division, which essentially is the oil production part of the business. Stock markets brushed aside Shell's update on Thursday.

The company’s share price up was up 0.7%. Oil companies are benefitting from a huge spike in oil prices in recent weeks.

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