UpdateShell downstream Q4 earnings fall 57%; chem sales volumes drop

30 January 2014 11:45  [Source: ICIS news]

(adds additional chemicals division detail in paras 3-4 and 6)

LONDON (ICIS)--Shell’s downstream operations posted a fourth-quarter 2013 earnings of $472m at current cost of supplies (CCS), down by 57% compared with the previous corresponding period, the Anglo-Dutch energy giant said on Thursday.

Its refinery processing intake for the three months ending December 2013 grew 4% year on year to $2.91bn, the company said in a statement.

Chemicals sales volumes dropped by 5% year on year during the quarter, due primarily to accounting policy changes and contract expirations, partially offset by higher trading volumes, Shell said. Chemicals earnings improved during the quarter on the back of improved industry conditions in the US and Asia.

Chemicals manufacturing plant availability stood at 91% during the quarter, in line with availability in the fourth quarter of 2012 and reflecting continued strong operating performance despite higher than expected planned maintenance levels, according to the company.

Sales volumes of oil products declined 5% year on year to 6.04m bbl/day, while those of chemicals also eased 5% to 4.41m tonnes, Shell said.

Shell’s overall net profit for the fourth quarter slumped 74% year on year to $1.78bn, with CCS earnings down 71% to $2.15bn, it said. Full-year chemicals sales were down 7% year on year, the company added.

Additional reporting by Pearl Bantillo

By: Tom Brown
+44 208 652 3214

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