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Shell confesses to challenging conditions

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Thu 29 Jan 2009

(SHARECAST) – Oil giant Royal Dutch Shell said industry conditions remain challenging as it announced lower fourth quarter earnings. 
The Anglo-Dutch company announced fourth quarter earnings of $4.8bn on a current cost of supplies (CCS) basis, down from $6.7bn a year earlier. 

Full year earnings rose to $31.4bn, below many analysts’ estimates but higher than the $27.6bn earned in 2007. 

The company has upped its fourth quarter dividend by 5% to $0.42 and said it remains committed to a progressive dividend policy. 

“We delivered satisfactory performance in the fourth quarter of 2008, given the pressure on demand for oil and gas due to a weaker global economy,” said Royal Dutch Shell’s chief executive, Jeroen van der Veer. 

“Industry conditions remain challenging, and we are continuing the focus on capital and cost discipline in Shell,” he added.

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