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Shell reports $2.81 billion loss in fourth quarter

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Shell reports $2.81 billion loss in fourth quarter

Post by wwbiteme » Thu Jan 29, 2009 12:08 pm

So do you think the congress will parade the executives to grill them on their losses now?????

Shell reports $2.81 billion loss in fourth quarter
2 hrs 1 min ago

AMSTERDAM, Netherlands – Royal Dutch Shell PLC, Europe's largest oil company, said Thursday it swung to a net loss of $2.81 billion in the fourth quarter, as the price of oil fell sharply and it wrote down the value of inventory.

In the same period a year earlier, Shell had $8.47 billion in net profit.

The company said fourth quarter sales fell 24 percent to $81.1 billion. Crude production was down less than one percent to 3.42 million barrels per day, but Shell's selling price fell 29 percent to $58.40.

Chief executive Jeroen van der Veer called the results "satisfactory...given the pressure on demand for oil and gas due to a weaker global economy."

The company's refining division, where the inventory was written down, booked a heavy loss of $6.42 billion compared with a profit of $2.56 billion a year earlier.

The company said refining profits were down 34 percent on an operating basis, as both intakes volumes and sales volumes fell as a result of weaker demand.

Over the full year 2008, net profit fell 16 percent to $26.3 billion.

The company declared a dividend of $0.40 per share for the fourth quarter and said it intended to increase that to $0.42 in the first quarter of 2009.

Shell's fourth quarter earnings on a "current cost of supplies" basis — which strips out the effect of the fall in oil prices on inventory — would have been down 28 percent to $4.78 billion, the company said.

At Shell's exploration and production division, earnings fell 24 percent to $3.7 billion, in line with the fall in oil prices.

In addition, it said it suffered from the impact of a stronger dollar against most major currencies.

http://news.yahoo.com/s/ap/20090129/ap_ ... arns_shell

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