▲ Up
 
06:11 28-08-2015
MAIN АКИpress CA-News
About us On-line subscription
KazakhstanTajikistanUzbekistanKyrgyzstanTurkmenistanMongoliaWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
Shell profit off by 45% as oil production falls

Bishkek (AKIpress) - 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
15:01 30.04.2014
LATEST NEWS
18:24 President Atambayev to hold talks with President Rouhani, Supreme Leader of Iran18:11 Document on allocation of 350 million yuans to Kyrgyzstan to be signed during President Atambayev’s visit to China18:08 LG unveils full-sized QWERTY keyboard for smartphones and tablets17:59 Kiev and separatists agree to end all violences by September 117:47 Seminar to enhance civil society’s role in law-making process held in Kazakhstan17:42 Tajikistan intends to improve infrastructure at expense of Japanese investment17:31 KazCosmos, Roscosmos sign contract for Kazakh cosmonaut's flight to ISS17:05 China to host next session of SCO prosecutors general17:03 Russian plane flying from Tajikistan to Moscow urgently lands in Samara16:55 Kazakh CEC registers two new parliamentarians16:45 Cristiano Ronaldo – world’s most charitable sports star16:42 President Atambayev cancels working visit to U.S.16:37 Kazakh goods producers should be granted remission of taxation for 5-7 years, expert offers16:32 OSCE to send group of observers to monitor election process in Kyrgyzstan16:26 Japan to allocate over $174 thousand for rehabilitation of clinics in Tajikistan16:23 President Nazarbayev congratulates FC Astana on its forwarding to Champions League16:14 President Atambayev urges honest Kyrgyz citizens to participate in political processes16:08 Kyrgyzstan reduces exports to CIS countries by 33.8% in H1 201516:05 Kazakh government believes inflation targeting to stimulate development of mining and smelting enterprises15:57 Over 627,000 heads of cattle vaccinated against foot-and-mouth disease in Kyrgyzstan
Astana
° C
Ashgabat
° C
Bishkek
° C
Dushanbe
° C
Tashkent
° C
exchange rates
 
75.80
66.07
9.96
0.95
279.81
243.99
38.07
3.50
6.85
6.26
1.01
0.12
2710.18
2512.73
405.44
50.01
3.95
3.50
0.55
0.05

© AKIpress News Agency - 2001-2015. 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 www.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