By WSJ Staff
- October 29, 2009, 4:49 AM ET
Royal Dutch Shells third quarter earnings, out this morning, are a disappointment, says Peter Hutton at NCB. After BPs slam dunk results, this is only a bit up .5% is a bit anemic, referring to how much the companys clean current cost of supplies beat consensus by. Shells third-quarter clean current cost of supplies was $2.62 billion, ahead of consensus forecasts of $2.5 billion. Hutton had expected $2.89 billion. BP beat consensus forecasts by 50%, he says.
Our third-quarter results were affected by the weak global economy. Upstream and downstream profitability has been sharply reduced compared to year-ago levels, said Shell Chief Executive Peter Voser. We see some indications that energy demand and pricing are improving, but the outlook remains very uncertain, and we are not expecting a quick recovery.
Shell shares were down 3.4% in morning trading Thursday. Dow Jones Newswires
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