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Shell has that haunted look

THE TIMES: 1 November 2013

It is almost a decade since the reserves scandal exposed the old stock market adage “Never Sell Shell” as being rather less than failsafe. Yesterday’s results statement, appropriately scary for Hallowe’en, reinforced that, with third quarter earnings coming in a fifth lighter than the market was expecting for a second consecutive quarter. This was thanks to a witches’ brew that included weaker refining margins, disruptions in Nigeria and higher production costs.  Shell’s biggest offence, in the eyes of investors, appears to be that…

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