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Royal Dutch Shell Plc

Royal Dutch Shell first quarter earnings down 58 percent

Oil company Royal Dutch Shell said first-quarter earnings plunged 58 percent as depressed crude prices create "hugely challenging times" for the energy industry.

The Anglo-Dutch company said Wednesday that profit adjusted for changes in the value of inventories and excluding one-time items dropped to $1.55 billion from $3.74 billion in the same period of 2015.

The results came after Shell completed a $54 billion takeover of BG Group Plc earlier this year — a deal that increases the company's proven reserves of oil and natural gas by 25 percent. While critics questioned the deal following the drop in oil prices, Shell said it would provide opportunities to cut...