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Date Posted: 07:03:34 01/29/09 Thu
Author: pastor lewis
Subject: Shell falls to fourth-quarter loss as oil prices tumble

Shell falls to fourth-quarter loss as oil prices tumble
Royal Dutch Shell, Europe’s largest oil company, fell to a loss in the final three months of last year as its results mirrored the dramatic move in the price of oil.

By Telegraph staff
Last Updated: 2:30PM GMT 29 Jan 2009

Shell - the first of the major oil companies to report results for last year - recorded a net loss of $2.81bn (£2bn) in the three months to December as prices for oil and gas slumped in the face of the global downturn.

However for 2008 as a whole, the company managed to increase profits by 14pc to a record $31bn.

Oil companies across the world are retrenching as crude prices weaken from their record peak of $147.27 reached in July. Oil was trading at $44.64 in London this morning.

“The oil price has come down and, as a result, the earnings have dropped,” said Aymeric de Villaret, a Paris-based analyst at Societe Generale, told Bloomberg News. De Villaret recommends investors “buy” the shares.

Shell plans to arrest declines in production in key centres such as Nigeria and Russia by developing oil sands in Canada and establishing a Qatari gas- to-liquids venture. These projects are intended to replace decaying fields and turn around the decline in the company’s output. Shell has said it's examining new projects that have the potential to add about 6bn of barrels of oil and gas resources.

Peter Voser, currently Shell’s finance director, succeeds Jeroen van der Veer as chief executive in July

For the fourth quarter, excluding gains or losses from inventories and one-time items, profit was $3.89bn for the quarter, lower than the estimate of City analysts surveyed by Bloomberg.

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