31 January 2013 07:42 [Source: ICIS news]
SINGAPORE (ICIS)--Shell said on Thursday its downstream operations’ earnings at current cost of supplies (CCS) swung to $1.07bn (€792m) in the fourth quarter of 2012, compared with a loss of $244m in the same period a year earlier, buoyed partly by higher refining margins.
The Anglo-Dutch energy giant’s downstream CCS earnings, excluding identified items, were $1.16bn in October-December last year, compared with a loss of $278m in the fourth quarter of 2011.
Identified items in the fourth quarter were a net charge of $89m, compared with a net gain of $34m in the same period a year earlier.
“Downstream earnings excluding identified items benefited from higher realised refining margins and Shell’s improved operating performance, as well as increased contributions from marketing and trading,” the company said.
“Chemicals earnings were lower, mainly as a result of higher operating expenses and, in the United States, supply constraints of advantaged feedstock,” it added.
($1 = €0.74)
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