13:42 19-09-2014
MAIN Russian
About us On-line subscription
KazakhstanTajikistanUzbekistanKyrgyzstanTurkmenistanWorld
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
13:44 Mexican-Kazakh business forum signs a number of business deals13:36 Beginning official trip to Mexico, FM Idrissov says Kazakhstani Embassy to launch in Mexico13:34 Apartment buildings for military to be built in Bishkek, Batken and Osh for 1.5 years – Defense Minister13:30 Kyrgyzstan co-sponsors UN Security Council resolution on Ebola13:25 Central office of Kyrgyzstan's General Staff passes physical education tests13:15 Government forms organizing committee for preparation of events dedicated to 175th anniversary of Shabdan Baatyr12:54 Nazarbayev criticizes Kazakhstanis who leave their parents in nursing homes12:42 Pakistani Maknom Group Company plans to supply meat products to Tajikistan12:35 Two small Russian banks taken off Canada sanctions list12:23 World Academy of Boxing AIBA center opens in Almaty12:16 Kazakhstani flag solemnly raised at Team Welcome Ceremony of 2014 Incheon Asian Games12:13 DFID collects information about development sectors in Kyrgyzstan for preparation of regional private sector program12:11 Tajik Foreign Minister, Qatar discuss bilateral relations in Dushanbe12:04 High-rise apartment building for military to be built in Osh11:55 Tatarstan is interested in developing cooperation with Astana: Vice PM11:54 Leader of Ar-Namys faction suggests establishment of Infrastructure Ministry11:38 Vice PM Sariyeva names fight against tuberculosis as important state task11:33 Turkmenistan's President, Deutsche Bank representatives discuss bilateral cooperation11:32 Australia boosts parliament security amid attack 'chatter'11:24 Unregistered foreign broadcasters could be banned in Kazakhstan
Astana
+8° C
Ashgabat
+27° C
Bishkek
+13° C
Dushanbe
+23° C
Tashkent
+22° C
exchange rates
 
69.62
54.01
8.79
1.41
234.48
181.95
29.63
4.74
6.48
4.99
0.81
0.13
3117.21
2359.56
384.37
62.66
3.67
2.85
0.46
0.07

© AKIpress News Agency - 2001-2014
Use of the AKIpress.com materials 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