Royal Dutch Shell Posts Q4 After 2008 Loss
By Gordon Wilcox
February 04, 2010 5:24 AM
February 04, 2010 5:24 AM
Symbols: RDS-A
Royal Dutch Shell (NYSE: RDS-A), Europe's second-largest oil company, a fourth quarter net profit of $1.96 billion, but like many of its rivals, Shell said refining margins were weak and the company plans to cut 1,000 jobs to conserve cash. Shell lost $2.81 billion in the fourth quarter of 2008.
Shell cut 5% of its workforce late last year and those job reductions have helped the company save $2 billion. The company describes the outlook for 2010 as "uncertain," citing weak demand and rising inventories.
Shell produces nearly as much natural gas as it does oil, so the company is highly exposed to natural gas prices and demand that is currently slack for that commodity. Shell's refining unit lost $952 million in the quarter.
(c) 2011 Benzinga.com. All rights reserved. This material may not be published in its entirety or redistributed without the approval of Benzinga.
We're Loving
