Shell posts mixed earnings amid volatile 'headwinds'
AFPLONDON -- Energy giant Royal Dutch Shell on Thursday said its net profits sank 14 percent last year despite an upbeat final quarter, as the group battled headwinds including volatile oil and gas prices.
February 1, 2013, 1:01 am TWN
The figure included the accounting effect of changes in the value of oil held in storage.
Earnings after tax dropped to US$26.59 billion (19.62 billion euros) in 2012, compared with US$30.92 billion in the previous year, the Anglo-Dutch company revealed in its annual results statement.
Net profits though rose 3 percent to US$6.7 billion in the three months to December, from US$6.5 billion last time around. Production also grew by 3 percent to 3.41 million barrels of oil equivalent per day in the fourth quarter on a 12-month basis.
Adjusted net profits — stripping out gains or losses from fluctuations in the value of inventories — jumped 13 percent to US$7.29 billion in the fourth quarter, as higher refining margins offset increased costs in exploration and production.
Total revenues meanwhile increased by 2 percent to US$118.05 billion in the last three months of 2012.