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Shell net profits for 2012 sink 14% amid volatile oil, gas prices

Published on Jan 31, 2013 7:27 PM
 
A Shell logo is seen at a petrol station in London Jan 31, 2013. Energy giant Royal Dutch Shell on Thursday said its net profits sank 14 per cent last year despite an upbeat final quarter, as the group battled headwinds including volatile oil and gas prices. -- PHOTO: REUTERS

LONDON (AFP) - Energy giant Royal Dutch Shell on Thursday said its net profits sank 14 per cent last year despite an upbeat final quarter, as the group battled headwinds including volatile oil and gas prices.

Earnings after tax dropped to US$26.59 billion (S$32.7 billion) last year, compared with US$30.92 billion in the previous year.

Net profits though rose 3 per cent to US$6.7 billion in the three months to December, from US$6.5 billion last time around. Production also grew by 3 per cent to 3.41 million barrels of oil equivalent per day in the fourth quarter on an annual basis.

Adjusted net profits - stripping out gains or losses from fluctuations in the value of inventories - jumped 13 per cent to US$7.29 billion in the fourth quarter, as higher refining margins offset increased costs in exploration and production. Total revenues, meanwhile, increased 2 per cent to US$118.05 billion in the last three months of last year.

 
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