Shell says quarterly earnings will fall 48 percent

[unhappycamper]

http://www.adn.com/2014/01/19/3282070/shell-says-quarterly-earnings.html

Shell says quarterly earnings will fall 48 percent
By STANLEY REED
The New York Times
January 19, 2014

LONDON -- Roughly two weeks into his job, the chief executive of Royal Dutch Shell warned Friday that the oil company's fourth-quarter results would be lower than financial markets had anticipated.

"Our 2013 performance was not what I expect from Shell," the executive, Ben van Beurden, said in a statement as the company announced that adjusted earnings for the quarter would shrink to $2.9 billion, a 48 percent decline compared with the period a year earlier.

Shell, which is based in The Hague, blamed the poor performance on weak industry conditions in refining, higher exploration expenses and lower production of oil and natural gas.

"We're a bit shellshocked this morning after this profit warning, which is highly unusual for an integrated oil company," analysts at Bernstein in London wrote in a research note.

[irisblue]

1. kinda hard to feel sorry for the company and him

[unhappycamper]

2. Well, they did ground a drilling platform on an island last year

I'm sure that cost them some bucks.

[Squinch]

3. Two weeks into his job he announces earnings are down 48%?

And no one is questioning what shenanigans his predecessor got up to?

[unhappycamper]

4. More on this story:

http://hosted.ap.org/dynamic/stories/E/EU_NETHERLANDS_SHELL?SITE=VANOV&SECTION=BUSINESS&TEMPLATE=DEFAULT

Shell sells stake in Australian gas project
Jan 20, 4:27 AM EST

THE HAGUE, Netherlands (AP) -- Royal Dutch Shell PLC says it has agreed to sell its stakes in an Australian liquefied natural gas project to the Kuwaiti Foreign Petroleum Exploration Company for $1.135 billion (840 million euros).

Shell announced Monday it is selling its eight percent stake in the Wheatstone-Iago joint venture and its 6.4 percent interest in the Wheatstone liquefied natural gas project.

Shell CEO Ben van Beurden says in a statement the company is "making hard choices in our world-wide portfolio to improve Shell's capital efficiency."

The state-run Kuwaiti company already is a partner in the Wheatstone joint venture.

[TheBlackAdder]

5. Brace for the request for Government $$$, as this is a strategic service.

Yep.


These guys are working to suppress alternative energy.

Then, when the we're-out-of-oil shit hits the fan, they will ask for government money to fund their explorations since there are no real alternatives to fossil fuel--posing a national security exposure.


It's coming.

[mbperrin]

6. You know, I couldn't sleep last night worrying that giant oil companies

might only make 3 billion dollars every ninety days..

Nah, I'm lying. Fuck them and the rest of their obstructionist friends.