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Shell 4Q earnings down 74 per cent to $1.78 bilion

January 30, 2014

AMSTERDAM, Netherlands - Shell's earnings have dropped by 74 per cent 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 per cent 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. ( The Associated Press )

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Source: Canadian Press Broadcast Wire (Canada)

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