▲ Up
 
15:17 29-03-2017
MAIN АКИpress CA-News
ADVERTISE WITH US SUBSCRIBE
KazakhstanKyrgyzstanMongoliaTajikistanTurkmenistanUzbekistanWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
Shell profit off by 45% as oil production falls
15:01, 30 April 2014, 520

AKIPRESS.COM - shell The European oil giant Royal Dutch Shell reported Wednesday a 45% decline in first-quarter earnings compared with a year earlier, as production fell sharply and the company took a large write-off on its refining business.

Shell, which is based in The Hague, the Netherlands, said it earned $4.5 billion for the quarter compared to $8.2 billion a year earlier, NYTimes said.

The largest earnings impact came from $2.9 billion in write-downs, mostly on the value of Shell’s marketing and refining units in Europe and Asia. Excluding those large one-time factors, earnings were $7.3 billion, down 3 percent from the same period in 2013. That was 48% above analysts' consensus, according to Peter Hutton, an analyst at RBC Capital Markets in London, who called the results "encouraging" in a note to clients. Shell's share price rose about 3 percent in early trading in London.

Oil production fell 9 percent, to an average of 3.24 million barrels per day of oil equivalent in the quarter, compared with last year’s first quarter.

The company said that continued security problems in Nigeria and a government-ordered reduction of gas output in the Netherlands had contributed to the decline. The company said, however, that production had started at its giant Majnoon field in Iraq.

Shell’s exploration and production business reported a slight increase in earnings, as the company’s strong natural gas business performed well, while marketing and refining fell.


Twitterfacebookprint
LATEST NEWS
15:15 Tursunbek Akun disputes court's decision to impose 8 hours of community service on him15:04 Signs of rabies among horses and sheep discovered in Naryn15:02 Average salary of a taxman in Kyrgyzstan 7,500 som14:53 World's biggest dinosaur footprint found in Australia14:43 AFC 2019 Asian Cup qualifier: Kyrgyzstan and India are leading in their Group A14:38 New EBRD country director for Tajikistan named14:27 PM Jeenbekov orders to develop proposal on modernization of Ak-Kula racetrack14:27 Situation in Tekebayev's small motherland after Supreme Court upheld his 2-month arrest14:17 Kazakhstan, EU reiterate their commitments to continue constructive and dynamic dialogue14:13 300 tree seedlings to be planted in Bishkek this year14:03 Trump's business network reached alleged Russian mobsters13:29 Police must respect citizens' expression of their civil position, but also ensure order and safety in case of violation of laws: Atambayev13:21 Ministry of Emergency Situations holds meeting on reclamation of Min-Kush and Shekaftar uranium mines13:14 Kazakh delegation attends UN conference on elaboration of treaty on prohibition of nuclear weapons12:59 New member of Kyrgyz Parliament Aida Kasymaliyeva sworn in12:57 Parents' fear of daughters losing virginity is a root cause of early marriages in Kyrgyzstan — UN representative12:39 Chairman of Board of Kyrgyzneftegaz detained on suspicion of power abuse, fraud12:31 Literature map of the world12:29 Special bank account opened to raise funds for families of employees of Ministry of Transport killed by avalanche12:07 Implementation of law banning nikah with minors in Kyrgyzstan requires about 18 mln som
© AKIpress News Agency - 2001-2017. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation must be accompanied by a hyperlink to akipress.com.
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75