10:07 28-07-2014
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
10:07 Gurbanguly Berdymukhamedov necessitates erecting monument to Saparmurat Niyazov09:55 Nazarbayev congratulates Kazakhstanis on Eid Al-Fitr09:45 Western governments warn their citizens to leave Libya09:39 Muslims around the world celebrate Eid al-Fitr as Ramadan ends09:17 Nazarbayev congratulates Astana rider Vincenzo Nibali on Tour de France victory09:15 Kyrgyzstan asks up to 1 billion kWh of electricity in exchange for 300 million cbm of water09:10 Vincenzo Nibali takes victory over Tour de France17:30 Technical losses in energy sector make 16.1%17:25 Kyrgyz Agriculture Ministry plans to sign memo with Chinese company on drip irrigation17:25 Industrialists consider coalbed methane production in Kazakhstan17:20 Kyrgyz parliamentarians discuss opening of French visa bureau, project on promotion of rule of law in Paris17:14 KazAtomProm net profit grows 3-fold by H1 201417:12 Children of border guards from Central Asia, Russia to spend their holidays at Issyk-Kul17:06 China probes food businesses; Hong Kong bans imports in meat safety scare17:03 Special task force officers acquitted of all charges at April 7, 2010 trial16:55 Transport Ministry's State Secretary detained on corruption charges16:55 S&P warns Kazakh credit risk 'extremely high’ on banks16:51 Kyrgyzstan imports 72.5 mln kWh of electricity from Tajikistan YTD16:45 Vietnamese woman arrested for stealing Kazakh ambassador's bag16:41 Armenia expected to join Eurasian Economic Union in January 2015, Armenian PM says
Astana
+16° C
Ashgabat
+35° C
Bishkek
+28° C
Dushanbe
+32° C
Tashkent
+32° C
exchange rates
 
69.65
51.80
8.37
1.48
246.72
183.52
29.64
5.23
6.64
4.96
0.80
0.14
3172.31
2328.16
375.17
66.21
3.83
2.85
0.46
0.08

© 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