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Shell earnings slide
Published 04.02.2010 08:54:39 by John Bradbury
Shell showed earnings were significantly down in the fourth quarter last year to US £1.2 Bn from $4.8 Bn a year ago on a current cost of supplies basis.However the Anglo-Dutch oil giant said fourth quarter CCS earnings were excluding special items, were £2.8 Bn compared with $3.9 Bn a year ago.
For the full year, Shell's CCS earnings were $9.8 Bn, less than a third of the $31.4 Bn reported in 2008.
Shell's chief executive Peter Voser couldn't pretend Shell was doing well. He declared: “Our fourth quarter 2009 results were impacted by the weak global economy. Oil prices have increased compared to a year ago, but gas prices and refining margins have declined sharply, because of weaker demand and high industry inventory levels. We are not assuming that there will be a quick recovery, and the outlook for 2010 is uncertain.”
Illustrating the fall in performance, Shell's CCS earnings per share were down 76% to $.0.19 in the fourth quarter 2009 from $0.78 per share in the fourth quarter 2008.
And cash flow from operations fell 45% to $5.660 Bn in the fourth quarter 2009 from $10.287 Bn in 2008.
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