Shell Profits Halve On Weak Oil, Gas Prices
Shell took a $1.65 billion charge in the fourth quarter mainly due to impairments on its onshore natural gas fields in North America.
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Royal Dutch Shell's
"Our intention to complete the $25 billion share buyback programme is unchanged, but the pace remains subject to macro conditions and further debt reduction," van Beurden said.
Shell took a $1.65 billion charge in the fourth quarter mainly due to impairments on its onshore natural gas fields in North America. Rivals including Chevron and BP have also taken a number of large impairments in recent months.
The 48% drop in net income attributable to shareholders, based on a current cost of supplies (CCS) and excluding identified items, contrasted with a profit forecast of $3.2 billion, a company-provided survey of analysts showed.
Shell's third quarter profits were $4.8 billion.
For 2019, Shell's profit was $16.5 billion, down 23%.
Although rising tensions in the Middle East and a Phase 1 trade deal between the world's top two economies boosted oil prices to above $70 a barrel in early January, prices fell below $60 this week as China's outbreak of coronavirus exacerbated fears of a global economic slowdown.