Oil giant Royal Dutch Shell (LON:RDSA) reported a £4 billion loss for the third quarter on Thursday, with net income falling 70 percent on last year.

The company’s figures are a huge fall on last year, where they made a $5.3 billion profit. The decision to stop projects in both Alaska and Canada impacted on finances, paying $8.6 billion to cover costs.

Chief executive Ben van Beurden labelled the decision to stop exploration as “difficult, but impactful” and said that he is “determined that Shell will become a more focused and competitive company as a result.”

The company also confirmed that its $70 billion takeover of BG Group would still be going ahead:

“The BG deal, which remains on track for completion in early 2016, is a springboard to focus Shell into fewer and more profitable themes, especially deep water and integrated gas.”

Shares in Royal Dutch Shell are currently trading down 1.73 percent at 1708.00 pence per share. (0934GMT)