Shell says earnings decline amid lower oil prices

LONDON (AP) — Anglo-Dutch energy giant Royal Dutch Shell says second-quarter earnings dropped 26% as lower oil and natural gas prices overshadowed an increase in production.
Earnings based on the current cost of supplies and excluding one-time items — Shell’s preferred measure — fell to $3.46 billion ($4.2 billion) from $4.69 billion in the same period last year. Shell says that reflected lower oil and gas prices, as well as weaker chemical and refining margins. Net incom