17 January 2014 08:22 [Source: ICIS news]
SINGAPORE (ICIS)--Shell’s downstream operations are expected to post a 58.3% year-on-year decline in its current cost of supplies (CCS) earnings, excluding identified items, to $500m in the fourth quarter of last year, the Anglo-Dutch energy firm said on Friday.
Earnings at its downstream business were weighed by “significantly weaker industry refining conditions, especially in the Asia-Pacific region as well as Europe”, the company said in an interim financial statement.
“Marketing and trading contributions were lower,” it said. However, chemical earnings rose on the back of improved industry conditions, it added.
For the full year of 2013, the company’s downstream CCS earnings excluding identified items may have declined 16.7% year on year to $4.5bn, the company said.
Shell’s overall fourth-quarter earnings on a CCS basis excluding identified items are expected to fall by 48.2% year on year to around $2.9bn, “impacted by weak industry conditions in downstream oil products, higher exploration expenses and lower upstream volumes”, it said.
For the whole of last year, the company’s overall net profit is projected to fall by 38.6% year on year to $16.4m.
Shell’s fourth-quarter and full-year 2013 results are scheduled to be announced on 30 January.
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