02 February 2012 08:13 [Source: ICIS news]
(recasts, clarifying company description in second paragraph)
SINGAPORE (ICIS)--Shell said on Thursday its current cost of supplies (CCS) earnings from its downstream operations swung to a loss of $244m (€185m) in the fourth quarter of 2011, compared with a profit of $411m in the same period a year earlier.
The loss is partly a result of lower oil products and chemicals sales volumes, the Anglo-Dutch major added.
This includes a net gain of $34m from identified items compared with a net charge of $71m in the fourth quarter of 2010, the energy major said in a statement.
Its chemicals sales volumes fell by 16% year on year to 4.44m tonnes in the fourth quarter because of lower plant availability and the impact of weakening global demand, Shell said.
Shell’s chemical manufacturing plant availability decreased to 86% in the October-December period last year compared with 94% in the fourth quarter 2010 as a result of increased maintenance activities, the statement said.
Refinery intake volumes decreased by 17% in the fourth quarter compared with same period in 2010 mainly because of portfolio divestments, according to Shell.
Its full-year downstream earnings, excluding identified items, were at $4.27bn compared with $3.87bn in 2010. Identified items were a net gain of $15m compared with a net charge of $923m in 2010.
Shell’s overall net profit in the fourth quarter fell by 4.3% year on year to $6.5bn, while its CCS earnings, excluding identified items, was up by 18% at $4.85bn, according to Shell.
The company’s full-year net profit surged 54% year on year to $30.9bn.
($1 = €0.76)
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