Shell and BP Beat Earnings Forecasts as Oil Majors Adapt to Low Prices

JFIF;CREATOR: gd-jpeg v1.0 (using IJG JPEG v62), quality = 80 C   %# , #&')*)-0-(0%()(C   ((((((((((((((((((((((((((((((((((((((((((((((((((( " }!1AQa"q2#BR$3br %&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz w!1AQaq"2B #3Rbr $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ?^A7kC|@^Êk]oOk;- `N<ɣ]aƫ| 3෯Ү[ژߥz_?mivKkUJZ !**co*bymoH} 0%9+6qGF9bh@ NJ;qNZ#pU즱F?/κ.0?km7[ʬ63^0kԩNVRF5a59(,0uN?Smܼq^Lr(G6cŞ$R;\4 EYg8?{$TJuMWw#`\"pIIoL$c)Rr3m8s^8IjݏR}(F3C?* 8ں/rZ{罕_6V$;}V..,mC~x#귐iopcD`~5,L'$c\NQӜojEnfrt'9VtaiK&MǨV$Ԛeycאz=ZY3AS|{69}?v71 82zUr-]y%A lO'3'֗\зm6m48:!`N܌zcxn}Jx⍷Pq]5¼}[޸z_U !5.=[]}bS4cb6(p!mu/wqep=w @4K}.#]7ސ?jcZ;C<uI~u3_U7g.tpL*u ?-SJAS?O۬6vI^yϿv6GP"8n {Z҈,j2Wi^k|m )Džtek ",!ppvZ60:)ZK1FR5<uǯ'Xϔ+5.TJe<3:V ʚ<ݢy16=a[6 9"KKs ϯv57cSҢU{&ȥ@]AכGZdpkrT{9~I߳љ',ieMwj::p߄ 0vw3#܋Ѻ ?=˖Sz>O$~zx5+D<Ew=ƽڎC[׀ܲCZi[P;uYZys&T3zГR;cQ8H-]eOivާk4ixt}l%FxiKi%3@?x^Ff=oI<tE7`MEo Bm-)7&"P*`Ӆ0 cPirƌ>i_Y~yv>ϛ|U?s@$>-HuQEڼcCc^ݫtgu&l/JÊP V- ۅZsǸF "7^{P3 j\p;gW9S*|[5Ǵ[y2*kpVqf®7x\%c r' ]RQ9dXľ{kq2K+rdwY5Gn&\1 {\CFCn. VRv>B30:s\F"ʘnYU) A?Gsc>$?W7^2t]jO5$Kh\ 8ϵEXleϾ񬑮Xi$BDH>o*s׈ړ:ڥ;Go}{nqwqk'W٣֣jj''N\}ǿ{bB64;AμNn#V~y*I Y .qZӒˉғN[jICQ+uf3QO@vC ykiR< 0pqgvRj٧fei 162}mA+wekB ,YA3UAE:/ ^gԬLg*qʥ˱:qnD(<*=Sq,&7A}qT<)y{&'OmȞO(Jq,[> rcQ՜$2귷qڢhܯkQN C5;N)+dfuypN!pwv{̒ghMq2!˕SX4mYECN6(RzM'5]fmR7qXX(^YcǶOiWJH0Ż]r}<2p_WZڀ\Y߼NҸˑK2bf@v$s`yakJ zbŻ"^0kkx*8cena!c5O7s5DHfy{t*-Fr[pO5÷eG RJ(@Yc 9,s=[{`=]l}k,/u]N_)f(vc]߈-?@kxc$Fr]$FQ(8IF[ V̾u3F?HGj->W)~@ݞڲ%s4}a9Ahd`==Ї]ccb>1Y15''+QW: j,6ժ׷2N_֮m><)L=A anq85kmUO( s 㐌:Zn5m6(İ|dTөI"e NRؗƳ!mv3FW#xNR9G^͕^wX7:RƊ2gF[)o E2x'L̩7Irş7&2)0ڽV8d1J׸P -;"[ku(N;W' {0J2>/^!gy-Jt1Oop? +ZZ[?ʾnn//-K(wzׄ$BZtvR!晀#83z|WFu{G{7[OP]Tu?m Ƕqֺ+Z֬bK_sn$J1:vrSUS4WDc,c9=jm[YӴXmV fqGo_J3 ;Xx;BxrRs^5GlL vyפzhIk5a38ڭxrXth"[hC 4PHi-Jİ?ʨ'|N-4g} 5ϴ8Z]%_dit<6fK-œcWgmB䶾%.[mY~q*5K<_yv\1PQLWKLW0z mK(K&=1O /lR`TMc( D ҞGe @H+7Հ[ (4SS%d^zyzwo͍c4R0?3ˎ`k4^&)upAGAS⺎.CN_-̶]Ԍ.YOacTx^3, [@pYv{ˡ&=1a!{ Ж}<'ɇrn?Z)v?2a!f-I<:nR-nh-Kit{2)͌d0 tKmY+%f| q.<'a]犯o|%gY -/s2q"Ҽ7w+?ZJ'Vte`\p2GPq\irigO.KmQB`:v^JYRiM7[9Y<۲1{d ]o餓4[`qO|$]GAP00?my?jfiISy3裗ПoK]=:(<0Yz8*-aPGC/6 h[]VgJ?bl<ܿG]:C!6i+ym(_lU]SOz5h7bapuKkTT!u)9٩jaZڽ+g>*ԯt;oKs(V\l7 0eƒ_s5yWLU,_OGF80Syi?V $Vu}A5JIp¯iVf{*v3R2W);I朢bCH'C?H5>hX-5j^-obEJ7Go>4u=\mS‘.%O1m-%v8*Hk7Ú%[`IJ^Xy m(CmΧ$|FS_jvFX%<=+ºߋa"%yA*OC<'E&ohIM˞U@qv21WOmX r0WXkXİAh0@.AOo]|{k^z۴{8fy[5O MItٿCھf3)VRC) ca:[=|,V:Q2E&+b$Yy8%#z_t=*{T+yLs|e\^4-4_A |;KBֱ\cݏ9'f[lr%/<5 '"O7^G:VTִ KX$v$V9;H=QԊ(HMQ]N!Fc3{؊䮬rQMMt?> }aoC5>5ޕue#lGڰmm.5 {([(z+>JǴ|-AM>uy(I98'{ __>☭^mOoav7%OǃҺi!ZIIu<|/{Q=k%nQXpqߵx=u1JVXcHndE(! JC~ ^-m l,Ĝ>? 70*8X:Ԏh+ծ">R/ڭftz ͳC2uORT˨97Q= pjv: C$XdSIܨt?L_+o*~Txfvt9C] Ϳn/W(v9`?5mQӅĶf^ Ȫp-oe!KvEmkc$::׏H?O%fSTQJj=~$\,ֳx s?¡o/+I'3u9Whũ<-Ju-x'~ {be!xOG?; \\.U @2p8Tskms]_5建CdCۦ3+XhF\FE#s۾$x|=]Z#zV@]]U8x$¾AQ$kg|Hijz_AxKNO71 ygo5 ^ݸ?ו_<7k=W;;yM4ky̪<{8jH6;Lj=k1;: dԬT[#920 }_jƾZE2U޽_iSNQ}.iT)E-5̨N6_Kfu:aB+BNOYjB$.`W?Ơ6zum 7 Η_kFI"}P/2\We#0ikrNu Ԛ˺`UɾrsXm5zhK%Ɔ; C(Ez8 _+ЀRcaRsN%! iOm01E?b&4ژTv`4.P*Sր: )4?ƶ.y$c?¶iRL2WsDO*wP`_?c֞}释}:?0>sq W.˕lP4kx?OwQZSmsy-$h$,$%uJ¾uo]2E+N$L##4,Rn0IWbwV:*뚎;a=N9Fi+~C`ֲ%g''灟\TDxJ)fvKy `<:m"]K8\Tu[LQ(cVXčH#)5dӔ&oEsԌ|Ϯ-aK[X-"@K1\7=GҭZZoP)G־C TCs%v{y5rr3#S=ڰ3U;OXuN?\=V.0y6U$%,I$S7Fd8G<}xkTߴ6{o4;AQ~Vc} +,N7yg^~,Ak@3\U͝fN`^]Y0i:4ك?QʱZ(b,%wÚA-n ՟ .S''= ]^+]궟)v5KR83RXO>;{z%)2(Jd|s3M4o*J_ {L ˰`qSiyj"C T9ֵއ%!r]OZՓm DJB1%z' fJQ)|N>_Xkˮ`m 8㱈{FOz^{yNw{5,nJɗT;)x7nJ0# s_^zmpDܹgh sjt#0.n2J #cƮizd6QncP{QSF6beRwW:?MVm؊cR\G& %%~{>;^\Ky*t~}pz+;=*=-;e(K*zR|aܭ"Las9N Z,mh'f!C$kptۼzg.:iwG-R!#ƼO^pU'sZ>:i7_kw k6xdS³jǖFXrcg Եtmjײ/W?lkxYD2@jfj-ON?p8+&)qSwq`dkz园y;|i\ C۶7p?S]I'__K6g:ŀ2[s*Q=y5ϊ!fVh-]m_ MC+KxyQ-.I8 ܒOu)s8llh=;L|Gx3QnU:qVF/kf5r[|5t"? Y\j$r/Nv+Ik[#zFl)L+Ŭ[=\y[ 0Wa$R WztW~.qwmiGB^$`inHoʾD/ 2cC^ Śjwri< sI^Ec57JȾ^t♣/JGǍ: .a&|En?Wx+wxWj u!?J}6NcHiƒ-YqP?QKޖ=&?(I@WTg՘k;Bҭօ HiM%(kF[p׃boúB=[45ndI?&gakuM٠ ]Mwn&5bH(,,:"C?@k<=bo^!C#*nR8=1O^wz-Y.%$u5rIc'ep'})'.wey-pˀ8':2wÑVq~!H^ܨ-v{k|KӋvIO8k[C˃h,τXKeL(k0j[_uT}[,d;᫻DIJ6gSo$}+mH1%ᶞ8)\i ‘=Uo I'wOoc~G<[5!{jޠgOۖ򳷡3r}_^<xpBjuE<{Z?ξO|E%I45HZFENKV,S;] O$0=ko@x_PǧONxcQsU{Z_ξ7)Kx>]S ^w\g2gk ANqkٙJXev+Џ$wΜW̚4x{\Z&-̱]q`v?.yqW+z=ìn^ " +b2;g83\/'ӴuK;tG`# ãvb~b*R5ui3*nbxX8i ʵ^emOv5-]&4MSEu_[,z⴬Zn62 `S튣lKjV<,lN?*ҾyT4hzM03կe񾪾I @ +IoW6T'HRA 'qP{ҹ9y (ݯB_;i?]wk&͈3ikܧWEbInddr@c O5UU7uC2Nd}wp~ϨD{m[sMVN>e{VVfބdbBG<^f>#vu|F7 <3DŒ ~"*sl<ߑمZXyTJM[Я5>#YtV<Ⱑ>"#LT^\5ǐchaY$#jN0麑aŭmnmGlң8<) 妥g30}>ATzP?o9?-{?8-0p٥ Q> Ӿzm*6NZZW7-i7rKBev ;Ԟq'q/YKG i1RnNVg蝞$x&eJt8]-\^hCZƓUA֙ߒb iU>+a; [Ӛmؼ Zu9uch2CZ5jwA5b?k09=UFI=+۴h6*5B}Hבibmr*!8/1cNI 7tBX'Zӷ~aQW_P&PW H^8޲"}AlT$V}dNET|jn1[{j[lzStƋj?阤ų_kGNL<y(cPi}IQ W@hqj=!4;m cMW Wa*HbPh > X^|/td?ҼHGu zӱM= yOcEz?Pkq^cXsS(78Cľ&.~뤍jQ굁VOegmk$uc˕;돘—Bdd;X F:Q#z ?AWD[)E t;?A 3EA$? d>潬\]mc)㞧8S'0NttscQ};SzKi$%:p^e /,n|lrGWM>Q6Vgh\OPGj[MSҵ) ]Ī d>}h+ӝ5RRsuZ7MuenfoBE&;Cd35w-jU"B˽|MNUjI=~`PUӿkf1( c&Uwg5b-/puK7 vkU<<ʿ=kkyc5>Pz6(I>\8*zjz8%fy{#q{s͵֤"̡<ץ|`Qoh?k8u>ƽZ [ ƊkDMB_IĊa) +Az*I±2 Gڸ6\ۈ<lQ8 TɱD+wӶ+hӱ5uXtKlg+sU>[1b?JwRJ-٤"kTp#q+cm@"F^5Ҿ#27uE?ZӰطQԐEw kZB Ϛ۠o@Hsڕ<񼊧F#_c E%\.ه$VPr@Ny#ӵcU7UكZNju;3TXWq`d]zYs FL5mk\i:ͳXmչ VDR2H)*H%;lj8g$6G]/,d>"Ӳq;:MmdY# 4ɜ0r]tXv ?+&U)9P#G b5]A5yʻÁ֖;nf{Hj3| ۹InT{K?sZg?/6ZZL?ZmcW0͞Od/{x|=IҌ>2⦟s1S褮@ַui5f}FʎYch…9=(?~G+GhF 6DQ3*;R;HPOY ?sZ&**3oΗ}fژu3HAݟ-?^mo ֡PSLky1ߍ?ھDki4,pr9ǿ㞕?gkuu&~@=kz|O8S˦Su[$5}+7yL&~8"W?gCz Ԁ;JI'}1^6EӕjjKc2Sjcj6񶔧|zjׅq'Vkssҽ jbFΒce:Y. U‘F2\c:˥>p)q֟?b760Ӯ'X$V?X!Aڟ$c2wdWMG-g* v+J* 5Wz9n>zMNR2|Q*9"Ж?AT(),aEq!=U*܋`39ɉ#yGffosĄ8#yֶi_kw?Һ _P_|GeBFT)RI>k,^%g `G \ ]m4S5j)@hŚFKB-\JEn6QڔI@ė?:WWMoڧJ^kT{0!ڼNj^CTJcҸ)JLuhP{U}7W 8{XĬO5?W@O-o*۫ؖ7]"J7{c4m4wG?ڌ6vZH2p;@9*$jR\pN dS9Ƕ+Z:}0J+g8Ԁ"|7 CXb%ϖ@C玕xŗ>:tv}&0UFN62{ơ+,0WŢ[Uo6&\8t2+B)3 xzxfdxvQ+A]7;tʶu>ObKʟ_]eaS9Ntx<,~>=wM]*  2\m|O roN^xY~ izF!δd o#D amY|-MNHuWV%[6cKCk.$3'$7EqREI׹_CT /06!A^Yi7#6RFQcZ&x٤.%#h 2Ia<7C%x>L*F~'{M1J3xO˸-aāQsב\nLh|?ig5ی'8 xAM"uD}e:įj %c-cFзf'9-מq,|1Vm5IapѹV|0ǧ5%4KA"v䏮Oҏڗ-/=Q$`]eG+P̼Aa'^-nrw>GN?CQ_|9y65ėx$R<#/x&O8)H‡=?Nh$cGG#k+wsӻGn2jɝ/a2E3=U-[{ƿϡ5CemʶOzrXjpvii-1ia`Ky^p 'íg4;[&[/_U⍸o˨JIH9JNBGi6bw`<zW8}MפFżCj|2 ?+uYDK&x$v$cҴcXN:GhS࿇n$I[&8#_ xV$#/ߏZ45Ojv֌έ,rŘN>]{?ěx#·w^Ґye (C2`xf9'ֆ<D'D݃hQ+sVw^j70s֫GMnYB,QC ;Tn,Y{E(W9FG~(E'c"Fvp EN+>_H~E`@rpO=}=9:ΤOQ>jSk/k~HkCI*" (I=o"+U2/tp-⹅$ʪ/Q\6:W7 ?q$t~8Эn Ym,8IyҒh]htGʆ!_B?:>o4]5[xK3B)1탞 ?c.Y~.Yk6+$~#xpD$s;s䞵IYR|,R)Fe23UH|tCgj\8ocWB4o4,hv ?( 9n<5tpL#=3\H$p +679œk縙_d'eFǚz})j~m2UqxALo6=?ܔs@qV(7u?3i]#Uy8'amSSG4vzWUWQ%^`?\;ӨEN;3%f5z{g?qVWG0j]ߥs?(4PbN0O4>sGݛK1c*l*ޥqio FnzwƢ?颟qG6}.Wx>k6¼>!W~gslчPkN#?C?JoFWn/#.;u3"_3I/j& 23㍬ivS;ᄖX8g}p뜏ʾ ZNE@g9$QTma|*N 2HCy5Z8ʈ*SWљ'mQgSَ"]ݻVYh^CmUڽrvىǼR栍#JUYA9KZ*%o@~|Sty mvpkHMMԧ*nkT$ "+ *su'56h<\LeϥCZjG=B2+ 㷭`]OhnT"<.:hZ /lӦ+NVՎ?cn7r\)c~iԝϭxx[5r.U'W jR?JgO⿇3!|?K\ ]A d ~&x~ž0L(swgEqh:irZ(*;x#no碌K[s#nf>涕U88)`B'm1,`v$cbt^P]T.\[p=Foe%ibc?yxwaVi{^zk%Օ1´2*ќ0 p9Ip@y+o5il1Ͽr!7jp&$x@'^BDf}ADڴIX[JB#O_tGH嵔227\02dThF HAk܄ZgF"oZ\ɯ&1 c@+qE[yn&iy&;1'OsTO֔)ASVZ&\S`|\Bd$}oH/jVIJĢ=:FBI%N+-ŝOR0 @ǽuNio~ֺ#0|!eE;_)gLy9R-4H/X.C>i KaW./QI]rkyOgb޹曑+u*bNˌ㊒ gN8m2Hѳ>Zoܿ'Tc1YjYWp;$``tkK[(6h1"U#ڴĵa+B/ OH-nH%?^kV1ʥ\ ~q\u8­9rʅ^D<{7giNis~+ѵhi*5)P3U4F^2yG-??a4w.Ȳ8[p|3XL{;U(G6?7P}3} Eq`>JZaq zg\B`c_&CPm$H{$yWҚeͺ(=vY93^w-ĺ\wI6l|1ʣ-WE/G"JOn0ʅT =#]ͱD,+J:#s{c" :1|Oj/ǀylG|Zuኩ=. KY{ItIc޻>nެ|N&MkV@?j5Lݰk]FYk _<0_ƺX2UJ3Ұ|'4: Lp~^jz_Kd8mAH{:GkpN+q^ OH- t`:~?VgPReN7IZ04𵗈/AIC/c87@ĩX-&H<%xo]+=F(n$wD>S"|WiqxK4-*9Oir+k7ĺ=sHq?u5knD++ŀ=B׬Mwa:@28kfB՚HXq哌`!hmvfu!哻rWo3F3_!y I62I8#P ƴ- ۞O8)'T.:Pxv +Wp|^x?S#Ɛj gJEdi<񳲇yO{X'\'wj6g,p$BrPǸ?_\x?īmY-P]1# \o$x[9ak.x:]_&z6i҇o,|2i޻9--x]BR`e~xB]:9fV Rs|TvKb~sDMx@ӁJCkD5u<"M\m~Yr:g "?n'06欲d4dP  \߇ohO&#`:oy\SKG1~0.te>+$! kվ&k:f2_[qʼoYnUs3k(RgUeFI3;Wg@v Փh, g3[ٳiޖǖo0j  k 96pb2In|jocW#1[$mbya*].,: EGag(F9=~~ўʪisS>ވ0:ޖj˖eHzW÷3%}I_L}4Z"Imu[Ȏ^$tzw[I|=gaikc e<3qJȦF *dW]\S敻.p1mLp~9X`1X\J+jZZTѴf%^U`]/>ٵ 8rk[mtʣ;E=3a7.H?L՘-txY9$BGL~~tMy_b⤓~9Hx_sjxFU5)bZVyxb>aBDÞ"kqt:viN#ߏfYe5΅[k#MOH:{1``Vʰ<ޟx5#2 2o3ʧr4`c ƌ7]K#Pr|֦}RlKU-yNuxn5h'b|?3zsKFRf@W=13MYAϧybG}|+)SvbX]~1_Zy5q=' _=5v5R茠V"JkHXCCJzEX[?Kʺ#FwUo C{UkźkTF2N{14\[o*GHoV-"97s׊+{Dۿxc8\Vshmra3dK;ׂYm 1Y*@5݊i>_j. u5?CVajDд 9Tc8Nvu;Y.-\]vqRX߽md#sۧVug=l慄RE[k {t[#gtB FD*᳼cwؑm"#KvlP v'%*qɯZ|j(Φg Oݍ{FE9YWq)'AU=Ak·}?0NS,ңmY/k6H-ܕ#ds袲S)+>k{f;Yt)GjԕJǡ^$rI#^<~U?Ufqi;Ahϋ6eᣨN@oh's\&x-?? Z𝗊'iczJFzQ5z`>c7y#jXakYXQ"C)EHE&xՎx$fᖾu8lmc}9$[Nq}O֖xU}Fё L1Q+<6=~&kZ=S;[ju%Olw)SQLi~uxGxIvĨvL6 =G5Hȵ\[[d#$iCJ-$YgOTWP?Ak8V_ir@"=㿥l˅qM!.W# C7JS˜ (iq? *M" TZ>_BA4z((4CM48ޘ,,9[5m&=pT~HaHxOR֩kPsCQڔzfs{0@3?:_ gŁI]Ch6E玦R6оksQ \G|4:aǙS:#8 d;~@VV6+1\A2+Ԓ{(rNLJxU{{H|NٸϦ+>^;̻ }2h5qc^$o~*^zcIYUF>UoQ3f(nhݓln('֖qvB'Uq*ĜS(ZF9bLycGz8/n!nX6 ũ"Z@KUZ={ 4 woAr E%]9yK^LTuqV_&Zz?VFɧy@MŁ8b:9ں\*6y5p O+ ±ݫ;Wx]7Q@ю\O.$[3$iֹˍdG/ͅ#W]s,\'Mx-.jqZ: HLd`+5.; W>7hrqLQȿҎOcgq۲+'{V%zP홯:`:𿇥Cowo BJN\sz4s5$kӱYg^*tu/zJ홨g+/Y6!$QSx8Z燥X?sWeyk?\S+T,ky9dup?:o^-G7.n0㟥qXOD>һ I/F{VSfy}ќE;tﶗtbT&ovz5ڊ)LĀ8rc{VO y[q?&zJhW.[k< #`=B(-|b37^\pOk}P6q+7ٱgٯ&XAw nfc6!?T[m2/ QX1HB(P@1MԬus =(#A5*kW#]QL0ht[sH<53!"멪M$qeW޿Pp29?#MTg?Hn"<ƛg k sj `sv:ǡi>">X* %Y99<_ #~=MNoǰʹx@ӭGH#]ZdU8M#T2aWĄOgZQkȏ>f,qb[a+w㩭t e 8"m6*rD(ywN4-g}]Y9^.x!-PFoW 2ddץWJ?^_^5yg PMCqĬ sN*:m.-J˂%Sj]?PX,2k"W]ͅlZb-?Nn>kCR_`Ǎeϊte|lZ,4'%_jZvhՔ7=P?ʡ>(Eœ ?W'kyEXLѤ<ԏJ-FSC ^ˣ6< :]*s M}Y'Տ_2~+n5Pz'vkiiLbC!y90sZB)sbjԂ^<ǞrBޝ/Kkb#Ra6gF6={n|Ig{|.7'IopȡE'{9#'+k{|g{ST v޷z4;l 2|`spz+:_u;ao\7x l.Tg ㌏p $zג\i1Fx}=OkP߲2r^g_aԼmT<9c'v&RL*q\ớM=Fdmӆ 3TtעVZ,:e u[q }-8]jKZlkOs,'L,>n|z;;OP)Eyw<Mܢ//ąe\G -" d*;ґϖ?Fޭx%T6(Klg@v:kK_c2jyEƌ;F$|v" c_h5k Kc. x$ip IpI;WO#]X>hjB/.Vrc>kgj?6Q\CnJooBmMn 9v#.dR7^vܳn@Et:1~6tՊ] YVqWw(:nBj~h݈68m 9Ci׬]"Yqhαi&C@ S V1/S̰2[4E?u}BbTu|%Ǽ*sN6뮱+9(I8=x%]iZp7Gt>^qabQqזK^idЬχ姃-7Nӗ㜜 醙tֆ"cn_#ѳ3F>)aV@eșF:V$F 3EygZKigi e$ izxR&$'@U VodydZ>:Cw!6n?B=oJQYxw@(W#rfRo3ͺ 48隽F:[+c}𕿁0yk_SgUe+zf=ahP=s+ZD* kylV%"u#11ԥ %w:~YN$o²tK=_qZR7OgR?3 ^yZv c=w (֜N)eMW5Mk;<6g[Za4Rd{g,6'׏bɠXbCU%f<*Zð g #z2)u;Ӯd6$c5K`Ɗ|>pE-ʺ]_QJnol!v?Nߌu ؙ$l{pz9&[ʼ#;!h%fݓ$k@-׌d=!wW)[D|ĥ}Y4RwF#=x<67TJw'MX]]Ms)dIHh2HizzWKwh=pKuI>cR! &C2KdIeXAM[{ˍ>TcUh[+1XNշRt s靧'b4DdkMǩnG銶yVV$KCl qj)嫇O6Q;8kǎipx4K;Iw&;5he%fҕ4v&i攎i QP?HI8ܯ23r|S̠*gSѺT$%HQ8Xa@N%gKdXBɩyn]?YN#mfcG}I6GO;-"Kfm!aA> 4 .Ms\C%lp2y쫐Xs\}|<=j/oYmN1f|h9?_EjCj/ծ"yZmchz(Q{s1SG\jz湓h9}Tָ^Ig vs!=A=ꦇriۿAz=Мa24Z^k"xƩp+-r?Wny5.?{\eБ>R?Ʈ7Aua+~ilI#'zЊ)WLmS1]D*|<IMmx"I$n呮#ֹ X| }>ެD>T;%ߋRY) :% k~t;N}@z!s;JL^: k(#> |SZ]Z^Au,0Oo3I,iy_/˫c1T:Nޚ+b v$tWc~l>O\u0MՍVh)fxYQ<\LKy3}o -ɘď8</"3"[kk:XAʅd8=:}+ le_C,LoPjK+Qbe>xG;Ӿ!4ib^]Z wT23u)umvP{#1 j+gzf|=ӬTV uk?]CsAA=+|& Yn- r 0?5*ݷq#H84?i~θOͻrܸZs~kVYn)8"ZI$8 =G&⽻ǁ.YY>iQRP;[uʒ6J>c1sH 㡧<2>uUILQ~ب_-֕3={P+bG#D'lyhQ) cK9Lo;!'T6qSMPymҀNǠpeYo3Py`EʄdMܯA$& ,jB.x*9S3|gk=jhp=B>I@9hG8gY896nq@ɽUm 23~'fh*X·"I"'?hƧR\GY@-HDW^?bh-jv?:*DP^jdLj?1ks_Ëy^ZJ7J &6[FI}[?V>[K {vɑ]ňFfs՘>55gZ ܺl*j)ncR:?ut#T # q n>DZi$Ip<NR9#qI[}w D(V&G%lA=T*Q(p}tEۚI+Kоg#fsc)#=7c]#s5o2M ,ǟus곻9- um5l]Y%@16(,%~A*[Lh(X}ʻB;ω,L[zqxYE?޶q+?ƍ[ I]`}ELq&_u5qӟlμj%ebfnUϨYO*krx,l,<3G^ִD]\, m`^gf(4xO}~b..E[։ ;qi?@iA S>O_oZXsq/07A:2Z&sE{Ң[5/"/LEbc vO;|-d2u<W qu-Ji8hze}M}vXoQV~ge`ݚ_NîQ}-.mf8l,2eXg}[Pvw5Bul6 6ךWz$ɬ.66;]^㱺=qb2zg=ou*q*OF]Sƺ]rm%IGC]keݜmL†wᘜy AUU8kHTin^g'1^ly=zWݘsO YBI8ڇ G+I"nĸ9>{ 1^ᾝꭵl+P 8l'nqZ&y \ݹ5Q+ajῇA7bNuL5=g i&ꃠ)HA!k"#UW̋WOCA^ o^==6~KSZ9Fxfj7$e39<1cyXh96kk}SssXϦkJ4>Z,qIǥt HFpV sw%l/U ."1Ѥj j1"ވB BOw ommpK>Ib1yޓAwN>a*Z1[[9YDEQOnWO6s݂mۖ@?ysɭȧ%~U\ݰL0\F[}F0ti0i2An6 8ɭ*/u-8#n$Np}iH/Sޟ=yfXZ wS BUG'> H$QBHêSI 4 (>wgV?AR2x,ngo4 ړԮFN{z|Z2t'EM[bTj=EhNʨ8+Dax幛ӣfVSIn܀8 1@sA6(ߟ_Kgwi)[y 8#*%4Od_$vcgvrCdbm7u2I"6f`w3 ok"BsIK;)F>ZS@+.iB1ő(['C]=C*zӸr*(vi. s9#ZCCR"1_zI HP\w45~zݟi4m. BX =vinOw#넊f`A~}+5~lPcO^/Mb$Z\I3|3c#mRH]2qThm¨Jز )a0vg2K sr}*,>83TkOv{(Sr> YO_݈ zPNZFƞR Rlm#ԣO`E9g6SHL`qgPgQh>*Xq[2GvpFy9ks5`q7Z/Ǎy7=c xR?ϟS;QGJ!4S[h^<ԀY~(mԏ CX/8ƨOָuz^hOc,N {2Y-e5!t)^M3KoHFO8^+\/|s:<OmkhJ_?|IS}|Fyd''}Wmx~fO$4h&m;KsŸ{o[? /f.~ՍZ=6MzμV>a;.PМ {Ă $]qkxbFH\a^q^cx6>$YU)g|ȧ>q=? WMX9sN}OQ]redvMyJE W#MHg? h$m* EIBɽ>dxr}jd8#?;9#r2 b3Бȭ6R[#vQn>du1\ 0xiP}?]6 DTcq#r?AYP ^:?Cy{4 v*'֧l*5=|7!4 %AqI ֜퇬?Q^nWx!^lϜ߿_uo`e[(Pܐz}+|?s"'唌I ma6]ߥ" ͖NGZE.p#,E?i mecHFq5MTtגבy*[ no4OGOd''?ʼ8wn#PrSnO ȧ<1r?ӼUp4v/6/ +Цo#IJ=Jp Gxe?7 (4N OPE3ќfI &P\dX$ivuob#::oL~~63ZGmSq#qOҔ69UIÚ+}T(g|o I}%C\ך||FU94_S~H LeZ3ؐC$;d_[52>._"W-Yz~gOX/RWE? lGuH7;kje1v,#J,lNfqR1l>khWv̞ u:+7Wr1z?^ܤ0-_2Wl%vggʯaZ@N64s +`T$;n{r+5tSts.J`g*M3tLUDU{w2 g%etv<CcbZK\u\XSF23;ѳn@oaYrr O"c0;W&L1 (#SW88?uVFE:h;v+c~F̖n+F$G8 ~םϥɟ_艏]͊mMn?x+,եSS"HTLҁ0:w`FONjQ:{%CsACqqJgH"GԋD7'?2g`4܌z[Qt]@A]>pƠe@]쵑[)p1ffw~z?g7Y/dK}J[aG! rON&ᫍ.uYH!Li/?b(qnGe*(RևƷj^K]98ppȪuНbl˶Q労t~Hm쌧smL*@1H%SR]ؽ~eźFJwUkEE #lOjƽ)Fm&^m.Ba_(1=e]H#[wJ%S#"8?C*evdS>ߛ°c׊g?νX[Ou|f|pʐilfȀE34CIv(a?6 jݮǧ}"/C~bgx0$?nڬ|aZ  5IWm:|z~->L ]#Mbx|gN8H-fYG>yQ_>泯֑.[Uh\Mq).ZLG?ZU@6t׋QF9生ɯ7O"Dh҉&6gW) ũnGϴqp= ?!@wg{WOPeFp`8Mex$2F+M?TԴ5$n|Ͱ%]PT5ao=湶@T)^x u+[Q6y`uTǰ4Ud*z0xgOYDF2:pO~cc=N&- NUP/ÊoX;H<}fO\װr֛nl5 k .WYq\w'ݖOr;Fgbe7/!-{,8ىPI=&oXz&+Ms kKuTsQ}q\ԍUԕe=A]>rQAjK]8uqjXM\LJdb mqU殝>GqT$y~կӻj㎕>1:㙜ƪ 3XJ*EnPrILdqj14HbUs[r6ӸCIAlgS($ιc*תn-ݯ5黫 |tV+o.3C $jI O±1Au~ Oƙiuͳ:G:2cTPΠ tC̊;s}_NTur"MGM&[x*3eƹ(%`Dzk"U5̒: *#(j6X ln$~kb:´um.Id[ԎF_dN?ֱVqi3sBJlc*nO69@ UM%.CNhԃ%`LY"_嶮NNonK:m`P~UZ7oi1\Fі1L?u szizŬl [P+ 8EdӵCFݛ=鏠-<.Lk_0J`3V?#k)RM(4uH߃ j ,4ؼkM|jڥ~-r<'XWɮz׺/14)־Boz.Hu [g GW0H+= SAVpN#T$gTo_yxez^h,=$5)k/f ӪZxWg^CE29PA[&HD @V1HMP*}+<Ƅwxf3SIUn'$_%Mܸ$1 !rpH4'IO Z&؈j O͜ VO:WM.x';zS]_/ l 4(ʸln5g p1`6NGEI8ŴU ~֢jtY4esmLIhc\ڤ7츅}=kݬRA}!jx[e*vI [gq祉kY;4m7Zt12ZHbDcfZt{|)[pm1 O?-p"ޱX$Y(FшMTӚ# p>^@栁(bR; 8 1(e&}cT`w5 &CI4 u&=}h 'YhVAP{Dw3\;tE "QJs_+vשCh~[pi+nr$ɬqS5i}sOSwAYqZK4)$9b NC9zΣo-iZ`0b~8霯lE4la#~8ݜR#S%bM=8,O>Smꄞ|f^jd6w0h؂}qЍМV`Y#U1Q'?KZ}1_n}v&GO$7ְ'(ImRҸ;W<I&xc9 1CZJksl׼/sʼO{dHb/=>ڧCnJB(Q@7 GP?+[cmmQ +ׇx`ΎfCRT#H5sT| s]M?KfgjFS/O|g ~Dg>=j~)ypOzh"2 !G#5Ӂws+]f -B+H!M>L`&7xjKSJTV\՚mNIVC$:⡳]xz]QXQ J|Oo>Ffse*MJ&immC2 ;'-.I$]8ig0GzMÞUEsԍ15tﱺ~d c<:{_iZh3ʱnGN&/n8R xŰ|m$u5[t1@0cpwĎ~;|KisF䏝x>9/nu82'q]e^{0<,qaQG@zq޹?ܓ}jd1=҈UNV@IpM@fךJsֺ𗻜i.$bZܩPQ5;vik{ Vni &Fr|Cl{59w#>A]4]z-PD8cP8ъ֫ $~*joI2+~PfBSٝwGuk~׫yƻv^NKGTzG+pLj\r$k}j[J2Џpp `ჩ .)-otO#.xF:OW|_i9KhEfU,FT-ƥx2{_C^jӔ%MU98MJ;۫9yE={īA|%Y~DFa#Rk8yrmfZձ&0j*y/NhUT/QKyNqJg JhgHV-0+S8&䃑ṟxjlg PӻO>n]7ȭCiLNK 9F?jΛrz}eYsS4ZES$<iqsnu8y>-ni7>!n10]UG7]KLq G_C]džh- S[oڵ]eO26@`qq= D%𭏙_We%+ozJX @.H׌uWO3aqkgeo9!tTְzTˢxm3 \F vVeS@tPF+eFsYɩxQM oҼ[[d&ȻYO'^:5ؼXѼa@:?]#˹c+uړ~b+>ǩK<-OUx5}:ִTRzBp{Xr\ԔuL9bq`@ʗWY[sHHbAQU buR P%i)x,m eo3流&庁.?A[w?URM(SU8ά_Oֵ8 STw=ũX@H^ sҲFra+ ~J֋"iU_cnFF Q[ipQXD#g8=+ad+6X?a;Gx )lkA^0Xb5W9]y/~~<-b?U9c}MQIފRE4RQ@Gǃ/~}k7c#~m 22O zZ(=p^8- 7py_9OFAۀ YmD]?ơ&O*`rq\Ɨ#n20=FtZ4j|@s׹s:qRzWkF98=J<]7_R66Yv;8m2+@$/~mmLL=0?~ r_ #E]ܳM 6a$hyE$xke0Z.~dD6qasrcO@;:!^n[_|YahI!`^ P+ ;z=+?Vo<.m\Ͼhm2$h2#P98W. ԛΓU7כ;OkLD6[iy*ma}qʼn,ݴˆ$]38w20s9.Zmkpm1\,lPN}+WO%ȄHV2<'jJt{3𮨚L'Wrۭf)rڹlC>q\)C# Z䫐,\*]6Mg_k^у79'h?sW8X$!!GNk>,tA/),A®1<ݦyΥT#5j=1]f>) }uO._?0'&zR]a֮Y cW57ûJ>MN=m[BJ<׎|)8;{۸V|kೕGKr@k!xEӵMZQH #Iʜ}^MX920*z{WS QNaZkEHkVhI*.IOou[Bu6G#J GJbۆtr~O+ҿD){=Oo4YJ.s^1^y#O }q^iK.ì=Mw6nu~AINrX⦖xA偿ֳ# +v$h!E- Z*5hQ0=8_cWfs^6Y sdz=,MYEEǪ$,,856,< wwS\o!9ֺHˣnjxw.`ʷnHOWi~#nc4qSCW@uxٕ bd-NE)_ !lbpU?n~:UɄS?a^ϡrxH JuR#蕭t51R`2E@NI-@-ti۩+m $'z{ԀS%tDTH{ɟV%d++n}T1fBCW]JMڦM4(f4 \lR{ʟλS\?=fJa$?+mof\fvvv-_~yעgu=\ UC(WQڄvv2+b8ԱǠ.캟9-oseC?ZGeXw7a+忼YjRTOYem_3 9VzwzChvîJ5x7G: Els?0Ҽ#PRR~uoZ2[guw>Fsڶkiu,ϞIsԷ\}5{&߄R5@.'tOL62U4o*ch=S?eu]]n!<WQ?\5pAEYU0gWi;/ jr]$P&4֞hJPPgG˅Qʁ=ɪY,IT<]y+ Ix4q<QOM~gC'9 o|BJ)u Oׯ]?/[KiwҳǴB+ץZvsՄc&T"S֨^˛iGWs%ʦI( > E]X hqCR iyn{pP)M!I5)6t u\eGGfbvUp{棕˹A1gi1+|dƮW=+9ed{)ܯuڸ~EWsۏs]]}5*7W<{zmTˋ S!Z_d-ȑ+~cKyM4{OZυ:1\âH', q_G4ǙkܒЦ#8 WC{0#?ֹ}VE;\篠_)J-G= Kݻ8K_YjI;I#ݩc¾劏crnͭ^I  UX̲:-R<ZҵRub(=Mp~+~g-3ʽi ,zt^9h^}-+D1]IJȒHjƧi+drz=gJElry&HI\BKmSNqec87s_d^>+ּyyoa$msy(S~BEr E-b)(QEz^ρ,?dq]>sO܃^V_J;q=Z,޸B~jš#T0eOrEIK \gO=Y/f\ǂ{5a 6 v"7 sXaWx$@'z/55m65i^"H'{(|~xrOxz6qӎ*<`Ӿ@#3/?ֵusyטC4?\!{u^jv[<Y@+cl|=K I)?ҵU,Z!ҥ6 zu\6 [iRhwg/wnR|q<_+s^5^!=NԐ@F{}魫$ѫV.Og54G×Mjs̜2HYO<GJ}F̠#VLz΋epG-GJ2Gxg"&i+,w\ZJ(.kQ2Z+"C̿h#)?s_a>3SiCI#E$V[mR{oU.uC"}k3Z:,!: =t>1O@lʱS~Y+>2[{A54 t=OCxݚ}5Gy;yqg4s !$Vc&ElDFw#P̨2OW`gzZ- nǰEJ5JIQKs%:Е]_ӴQzg|2G={J+˝%s>fwGWGf-HR@d麼: B< LJq=}Ίk>=eNVt1x֝8 ʵV x-xĒkеYumFTn|YHpv S%ʰ>Pl2?PA=íԌXo`V-|, Rz}2UFћk3sI%̦YeF8%cqÉ!zpx=yz?hꗳ: aA9?XQ]$C[d_Iz h/£teeѽuhK,f?֭^\4e¹ TYә%,r98:~5xl;ռvkp)USk C=qQ{yO*>7289 >,d^LJѣ (~j@HsHsR o$!*#\3ا8ʞiSh)i|:CW5u*fUb7n UKGcPuGcfɬ"Q<\+V{UH+4k5:jR~L6/뉷M<'W7$l9 ֩5 ׭êTի<]U*{#V1\˩YrD?%GeYrI.ߌ5cF(G]V+XUa5ª˙ߋ5;1Xó=w5:ְg:L%qWR#t+B6J{8αg$Vt1e~k_#ڶTԎsHCO&Լ(~5'@F;ncbxd.Xʿ/^XTNhQ>_\/,=qۻӼIcup`b$Y<6IlXp֋ӦOaBV;zP+fۉ 4~YfaS^T\e2`+񶉦xsTL LT3# j>'xxـ?ƹ|@ѵ_ _i3U01I>N Z6_|U S~nǒ ^P8Je}[0)i%Q@Q@Rqć$$0Al! 7k2L7,N*цyםtMi{,Akæb@?*uf`TںuCoMm=,3^)9^i>>2Д҃ڣ0UAE#xmr-Sǧ^e,znsޢɧ^چkHсV #5u17Vg'cycu2}{{N^ǃaR>~"nkI?{m!(A=Pk|CgYBL#P+sק-6gbjvмR'1o3;O[[iV|ON;ȮS3FOfۃ Lyj0a]%?ry~!¶"&=j-/0(=$>汧#Ilzme_"joI FD 1Ќfxһ9V!^5[4o F\wm^I"z+ +jKɚ @)B L\wbI"Poƻ5EydUaAklOv]|µF+S_\wCG!X|A |iA-?E|q)+efXo[ПI#JxJq׳aY7,x>O-sj?UI:k貟+\V&-2H$-$w`2\]\'8{y#1*2P0utcȹV`2? _]\mVsͻ ӡ,}hj60"*`1]>ɯ7zX==E}Zg⡈#OY&DlAǩXmWJP?{,*MQy: t+>U3PtR'b[ yT\R[˴nx(sս30U&%l}M ']#{j,b=  F*_\Kx ivHꕝihRed :`WoNIn4{fN6hjf:}E*b$=52,lanH8kYbpTC/jqN5wuŸ%*_?*|VR%,,Whi"@ݩ[Hͽ(弴Xud:RŧKhpL\d P &G^q]vagfex9&7,䃞My6{`WxeEo"ſeeO^.d]?M__MaoM{k^"Eo5}1Gy=^D%&I[U:1=kuo [߂y U.^ն,-Svcm}O}O o ؠդABqCbYv{n-nƜ<5{+Oz=gZJb*Dzv[iw9*X:1vXp8hv_=rZ"Om3ZX_8ZY߳4{D4V?t4mArq^c~{ZXdƇQ#>V~jPB^Dql''< #0?U}ztNx Qӿ.f|<#0N|Ddhˮi?t;3']cƳFYOoxžx1<1)apx 70TFC J((R Z)i)Ez2By yPX.8k})pvF?*_q慮[ aB +} u?Ÿ5k?^̨Oq>f6'?ߤ ?N1 $ ʬVbRQWiҰ  e֛Rz4 +o|lcjE(a➧TjV>/]#aT?O7ۦ=ts~i맺.kOeONOb.0O{Oh#M:u#(n߈>'|'NLTzSPuHԏ,<>8P6&_a?=G^koŗmNr><ڽ O!%ق:Flўh$yt2ѢaMBM6|X'נ,:|]k쿰Hqsq4?rq4?4'~3ѼY@4[^$>٦Aˌٿa/$c}p8GSk*8LZ|صrUX]19ib*g?m??&X?OY}Z'c*gvcft]RY{[L-H>PK%}q5MqQyu:G/%o,dc["\z-UQYA4h]p>>a:UsåkR[܂"0Hq޹1uZJ^ʕ#es8kib>fiZ:RxdMY$T`X>`ܲb65(BjA:u ;O!Z(y1E~x dFO 펾yRQ%ixn UuvWZYt>Xpѱik&If^:Ɵľ'EZ}HԑNv=grju^=~"imeC'FqNOBYp<?A΅MnxysB񅖭pֲ5X9lǭD$*WNߓ-Fό?ƚLZCٓB}k&hҾ.˜C]4jj ''c]0Z39#3T/OMMM}9;~M8Y?2 ֜w`l^$?}93/|'K9?4s }2 ,Gզk> } )۠nxsU4KI_w7zߴh w))iYŸʤƴM=go?O<{cTu6oe ܊iۃ<^o•?zB ݥ: nɋgGL^W!3M6`=+Htx=_<2ecp6 @!O)jߵ @{i}7-T_^-7`¨H?O‹ǰsg5iCh-lvJ?A5-o(% >?1j8]ݳ*0ik"p u?-64Q@ EQE74g`isM$qK@ J)|9l#0`ZSEhHv˟їnI1jfŠ()ZZ\ (E(d۽e9|JbBo>p/-?}wL)3I@:MFiӳ@ǃ@J gjRUp#k*S"v ,|>8O?WA W#F^V'[Lu0On?@|X+sLfNxK(n?4ؚAj).ey+;vUbIaw4߅1M*ƈz!o%6;K.Jva>r3R7P/x9Cukg[*nXDkF}3EzPl߭mOXTV hp7v ֮i<+fȱ̃Dlr?[v[+FvcY'kɴ{QvY_=^l4JU9VrlRce`81)$wD  kVY׍} s2;)XwGlkHKp-v*+isZ;4f4њnhf4٣4 E&h-PE%i4QJ`0M!c=& 5I1F!55FƞƢc@@+Bu ր5A x4SF ¡a~4OhhP[yU g;hg 3ʎg].0w<K00GPW81LnNg9}~jj(54n;zIQi )2yy.mF-nAU[8McNGj~M~G⢚ BHk=3i&@?ݺJ޸ )mltQ{s4VOPU`hbFk|o\ Ԍ_G4q̲Lۜ]Ź8(KE&uH=il&:uY[$U=]xSFAp *;56KL@Ru&h4њ~h74@.i4JBh&4M&M7=ivNecl7 s`)4HM!4j2y1ɠD5'Nq@=@jY WcRoQzE/c?֘<} p|KR|i㌷^ɫV12#P#@=/ZxA"_mxKMpKB@,su%  'Ҁ*|{~&<Xaa#t6GMY.ZyJsU)3EP04 ZAKIRZCC`)i-AESE}?izV^ګFaWtW΢oBE z4h?{?9QA?|^_~sInAҦv=CߘQA;k/9^[~Oـ8&5(̇z?#+]cEDǏ k_r/YGaz 1i9>Q=Hz85}JpR+_wc!¬,zo˯BmzOlnLAF~m1$AzE-*b@,٭ +G kĊ7Ybm8E61"ʿvN /-\|p vg'hk& [s] v2jrƯ)8VQ!}'ʢ1Dc,3?:AsAU#P :ڹ+Oɲ<~F\Hs34:yAQb.j>ߨIWnf`TfJ|W/ɩ]0p?J-= nId/{;O!R#\nc$t= 7ʏL?~T8҉MBauF4Aqf1]lCY`xsL V֗ 'uOTLzmIe(cd"E9R p@..lo[yJ m }OnGN_-3%^ ֐[Aޠ = ?y[hqYb1b|<]=m5o⩓|oF%FIGיc$ѳu{7$~B=16Ԛh9(CǏQkY?:S8**vn0B1ܭV;@-?=Wo'w="(=~ 'Gsp^CG$X O?7:'̈́t m^ Ec<j0>XRO\uXL)D0=hN2GSJrqe?ʢH##2@^PcԌ|iX.L6sP #1\G3MAG8 ځF2 )/$Q4>ژNOU2)~f>IMF va@#?v>RɎyU}UЌy/.:dbw)'Hds<-jSk^Hp$tΦNY'9+;%0hªQhXPzVHQERZCI-%-4 4)QI ZOegq}8'CGOs=|7tdPO݄KBFŽ#qGS-*E8˷ZV+b59n~Km2 8%OB?5 ܴ q%\*"C,` 0ZDNx) jUlP*F験2o}8#s:sHaJI(sZb I'[B(?Z7zO¸V=:Bey@>@-\}- dG꿝Zw%Z30nāZV4czUBn77U^ď5p9Z0Ty'ǡmUqT:oxc¦JNДCԞhvW}Ob m];$ztҪ}\. tVZg>[AhΒ[.e cYxQFN"DZJkI& HDEk^1aYQmUϰ杅s;YVcҥoʿi@/vݎ(FB~T?]fI|ڀ.Nw Pi<@h}jqT~5C4y/}oժ{G 7ߍOT|([eN*6cfWJ$#8P ,$QÏjpWVvyeASbw ޻+R[ycJ);jx:2B6SVu:I8b*eQ$oU޳Ucc[g<OƁ#c2jBzrG*?ǁZ,o1H>UPNsAI\@hQ\#w$RrIQ'ҖYf͂NL{W$v2m;p9cƀ(n#9if'#nf` dPF ۤ$P ܘ—{(vYp:G8#yu(^3Y@jZcx~MM2G+2C3GFevOkNHcA6*6#$GZb(_ϧ#`P$gVVq>Nd2%dsLF0ub0,Ig!m?ҵdK24 BqTq n Q@$\:Lu'}F+A[b1nN1sKdt?c> B6XԶ}ZԒ3.B8|օfYsr^ݩbC ZˎZR\Xo(V` AQ䟗ڧ-`+3s@nQ'1P8}}3o<81S\%N*F8?G$z1*l@]8nݶ?V;,|drHӚFPGp9A9''|jU>)&"g+Y;z s|A®HJUE̬[О #~B}?iܸ2#v{I]%Q׮F ZYfgk X%t$Z} IqktdbHF+^!$D05 mld+(b7KgRWki{9/3Ic ?ҿu0 PGҺTm*r=?Rw`X[+-iS2\~yK M'w2 R\,sy,jI@loĿw.7 t2MW`³Sҝ>vrYWt/#I5;9(Itf 8?)AYӨ*ӌhNl 4P䳲=?ր h$c PCaފdNYVR ۑޤKx=Mc]<IJ-|P3gCrgy=z~uX:`Pdd?1?†q6'He2`>}j4C> 0_A>2N@1@8)3&66#œV "2WBwcT?FwFE&l3<$7fִ"ΝO<\P~k+y(# ϧ ;۷)c?*M-n f9(/FH,YE;ĿV Srj}Ӛ֣4$5F'cBA;wEW1QZ8U\Iy;q>|_K_"U5uS'9TҤ%ia0<Ox U$HAqYjigoup2*&۰䟺2?ƜTrp*l2qX:l_LPY[8"a;h[o͵As)fsE\ DaKPq@G!Nܜ4fw3cF.*qAQqE㰼qP{R@w t3 Xq @= SM=p~\cF2Wj*o=Sp>huPL.F#hRd3zH ͞0z@|ƣ J@i!;FS$cUK8x*v}-zb#Kc TwO2Cgj)@H<hc*H#@CO|f yao2G>VP?H-coc=CX:N&rc gWAq=*$⵶%KIk ) sjEb2#0T{R!B3ʁfqx㌮p1p]b(Řr=b͹] ƻ@PmҞPd u#Ё#8HBlt@ ꧒GF!<@#8Tx<`dfX]}E; 溈G:ƤǸRxeSӧQ( i/J@TTg m֫bs ;o;JZP n?(I;40Ȭ: [nTްdE!K xN݅I&wHGc]|4oQZ99[:BA]"W/#).AڹǙUQ88> 22D98< Awm nbCa5y2 ݞ]B`qR[I{y  Sj|d)$a򜎿VA\G&.Qzp31.Ԇp1[|7ˋ6G w1]`Ľ"5&"HB#1Ň]oPq2F @ܒ>a$H2 Srz3JQ|yU=jO#XdAʉEoqt4ryas~>` uR6Eu93#= sTx43G89("y>iZEmNr3)#唇bFu0aN HQЃ֚c;8žO=isGFeP)S~THFNnZ\''o\CFMfNeR'=lv?{fT qߓ^ m1W&8j=&lcFmo݌zU}³G_5= B!v<¡-Stzt. (QM%;jȲ =d<~QU6ƨK9 ߬ڜpV%f? Kir"a|Q>XrNos}ۃUeEMs,?tc\>CL}6_J촸Z_^GqiO=<5msfc!5γKka.?:uMO>c[ۏjΨo4jro,}Z$+Yқ,QGeoc`!9ppy,zvHfm oȚǛfQqBx1mi6M\}G$_֡K1Sr+MmA [|d۽ʙ<`\U[N(.q]ۑ,W#iw{Mi `I`0Ͽ7ˤY$mzg8%1:}!,ZdILN (Y`:' $C W&x#,\qACpibbq] b=˲J"`J9ِqJ)"ᦲz |M6F@/@0%E?ҦL0in{MH4'Hwr"0x'='\ Hݵ#iLgp5]f{Kt+55+eCʃ7`Hgk,~֫xaZ9Xp!D̲`F[T| $<@qp)ngԞX.J`HHґ©Q,0@9$ T# sq rFq08҅Q%b @sڣd| ~^ R2TFV=!A!cN% NG\)waC-Zx!jxрv@` DŽ8lHq!r}y6F|RV #Mg!xThʠvZɐ71zR߂㞽> (X8-j>caj"PM pd1֣T|8;9ITOQF;~`OTb.:=Wq鎙Uڛ(t,:@G'y-ޘY8~\iFxYO# ac?y`h9#7[==1NhnF0SBXGnߝFnK#:m4Εù '7884ct#9PIvBsEh!nm'n`qΞEl#Ɗ* gyi9$V n>R)'(0`r?V'W[?wGEzB;ϱU|v(B<>犌]E(SUU mOQ@Dl~ {]Ί=>~Q\;pkVexc`3+Mk"#SlŌ1R)$`(1(8|Ә31g:*(l@Lъi(f6d϶a28~n`{q$R$NҊ+3 +\jZ>#[ ^eQ> Wc_9&)BZ.u#u&̞7e q4<޴Q[Xn$4N9)[ #<HCc4QH ,NN8Z(X`ŏ7㎘4QLD2HUPAbI QE4HF$=+{ kKBv*Phѵu8NHJQ|Ɗ*25jI;hVhVL0pOׯJ<>KιWʊ( |E켓>(٪69&M:i:(*AxF>8`\K(ei֘ZU6EU`_秠u"ytԯi(%]>I:/JȊxպ<> [Uti#W?ş,.ȱiWQ(:/wG.f90+:(D1(W=x1>`+}Pkާ8yDK}}jr, `X wv*Ho7 OEB)#49CE%2Jێj@J(HM_LRp`2(8$dc9)@T+3A'(.UNp=( Wjn.UqQ@0L{p[קjc(NP1#mSڝԍ3>nsQE1$,ǠB G_Ia`"&h$u#<(,`{ףhl:EF6!,@'#x<z(!Egdn'8#E3fT Ԝcow8l
Warning: fopen(https://newsweekme.com/wp-content/uploads/2016/11/2016-11-01T110231Z_225936159_D1BEUKHVUTAB_RTRMADP_3_OIL-MAJORS-RESULTS-780x439.jpg): failed to open stream: HTTP wrapper does not support writeable connections in /home/newsweekme/public_html/wp-includes/class-wp-image-editor.php on line 428

A woman holds the handle of an old pram in front of vintage Shell petrol pumps at the annual Goodwood Revival historic motor racing festival, near Chichester, Britain REUTERS/Toby Melville/File Photo

By Ron Bousso and Karolin Schaps

LONDON, Nov 1 – Royal Dutch Shell and BP on Tuesday joined peers in reporting higher than expected earnings by making further deep cuts in spending to cope with an oil price downturn now in its third year.

The companies said they were well on the way to adapting to the more than halving in prices, but continued uncertainty will test their ability to invest for future growth and retain relatively large dividends expected by their shareholders.

Shell’s stock rose by over 3 percent as it announced higher quarterly earnings than arch-rival U.S. Exxon Mobil, the world’s largest listed oil company by output.

The Anglo-Dutch major, which acquired rival BG for $54 billion earlier this year, had been under pressure to cut costs after second quarter earnings came in around 50 percent below forecasts.

By contrast, BP’s stock fell by 2.1 percent by 1145 GMT as some analysts said its results were boosted by a one-off tax gain, meaning its longer-term profits and ability to pay dividends could still be at risk.

Shell’s Chief Executive Officer Ben van Beurden said the oil sector had yet to emerge from troubled waters, but huge cost savings meant oil majors were getting closer to balancing their operations at today’s oil prices of around $50 a barrel.

The prospects for an oil price recovery are still unclear, van Beurden said, despite attempts by OPEC and other producers to agree a deal to limit output and reduce the global glut which has pushed oil prices down by 50 percent since June 2014.

“Lower oil prices continue to be a significant challenge across the business, and the outlook remains uncertain,” van Beurden said.

FUTURE FOCUS

The world’s top oil and gas companies, including Exxon and Chevron, reported sharp drops in quarterly results last week due to lower oil prices and weaker refining margins.

But at the same time, most have shown they were adjusting to the new environment, with both Exxon and Chevron also beating earnings expectations. Chevron plans to focus future growth on U.S. onshore shale production, where investments are smaller and production starts faster compared to large offshore projects.

Exxon warned it may need to slash proved oil and gas reserves on its books by nearly 20 percent, or some 4.6 billion barrels, if oil prices stay low for the rest of 2016.

French oil major Total also beat third quarter income expectations helped by cost cuts, new projects and renewables and only smaller rivals Norway’s Statoil and Italy’s ENI missed expectations due to lower-than-expected output.

BP Chief Financial Officer Brian Gilvary said the British company was on track to rebalance cash flows next year at $50 to $55 a barrel and its future focus areas would include Russia and areas where it could bring technology to bear.

“This allow us to sustain our dividend whilst still investing enough to grow long term,” he said.

In 2014, the world’s top oil companies required an oil price of $113 a barrel in order to cover their spending and dividends, according to Jefferies analysts. The breakeven dropped to around $60 a barrel in 2016 and is expected to hover at around $50 a barrel next year.

BP benefited from UK fiscal regime changes, resulting an a $164 million tax credit in the third quarter, compared with a $1.16 billion tax bill in the same quarter last year.

“Despite mixed numbers and a modest increase in gearing, the overall trend in cost and capex savings and cash flows at BP continues to head in the right direction,” analysts from Morgan Stanley said in a note.

BP reported a near halving in third-quarter earnings and slashed another $1 billion from its 2016 investment plan, while Shell saw an 18 percent rise in profits and lowered next year’s capital spending to the bottom of the expected range.

At $2.8 billion in the third quarter, Shell’s net income was above Exxon’s third quarter net income of $2.65 billion. Both Shell and BP maintained their dividends unchanged as expected.

As well as slashing spending, oil companies have scrapped new projects, cut tens of thousands of jobs, renegotiated supply contracts and increased borrowing since prices began a sustained fall in June 2014.

All the majors apart from Eni have maintained or increased their dividends throughout the downturn to retain shareholder loyalty. Shell has not cut its dividend since World War Two.

 

Social Streams

Comments

comments

[], [], []

Facebook Comments

Post a comment