01 November 2012 08:00 [Source: ICIS news]
SINGAPORE (ICIS)--Shell’s downstream operations in the third quarter had a 5% year-on-year decline in earnings at current cost of supplies (CCS) at $1.73bn (€1.33bn), weighed by lower chemicals earnings and reduced contributions from marketing and trading, the Anglo-Dutch energy giant said on Thursday.
The numbers did not include a net charge of $134m for the September quarter, which was lower than the $338m recorded in the same period in 2011, the company said in a statement.
Including the net charge, the downstream segment’s CCS earnings rose by 8% year on year to $1.6bn, it said.
“Rising oil prices during the third quarter 2012 and the global economic slowdown impacted marketing contributions, the company said.
“Compared with the third quarter 2011, chemicals earnings decreased due to rising feedstock prices in Europe, the impact of Hurricane Isaac on operations in the Gulf of Mexico as well as the global economic slowdown,” it said.
($1 = €0.77)
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