News Column

Shell 4Q earnings fall 74 percent

January 29, 2014

AMSTERDAM (AP) Shell's earnings have dropped by 74 percent in the fourth quarter from the same period a year ago, on a mix of higher exploration costs, lower production, and worse refining margins. The company, which warned on Jan. 17 weaker figures were coming, also had more one-time gains in 2013. Net profit for the quarter was $1.78 billion ( 130 billion euros ), versus $6.73 billion a year earlier. The earnings report, the first featuring new Chief Executive Ben van Beurden , noted that production was down 5 percent to 3.25 million barrels per day. Shell said 2 percentage points were due to wells shut in Nigeria for security reasons, Shell said, and the rest due to other maintenance and "asset replacement activities" old fields fading faster than new projects came online.


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Source: Associated Press


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