Weaker Oil Prices Hit Shell Profits — Finspreads

LONDON–(Marketwire – January 31, 2013) – Finspreads: Annual profits for oil company Royal Dutch Shell have fallen to $27 billion (£17 billion), a drop in comparison to the $28.6 billion made in 2011.

The retreat comes despite Shell’s profits for the last three months rising from $6.5 billion to $7.3 billion, but the company was hit by the fall in oil prices throughout last year.

In a statement released on its website, Shell’s chief executive described 2012 as a year of “headwinds,” adding that the company is “delivering a strategy that others can’t easily repeat.”

Shell actually increased its output during last year, with 2012 being the first year it sold more gas than oil in its history, and has already stated an intention to press on with plans to deliver more oil and gas, despite the difficult financial climate in many regions across the world.

At 1010GMT Shell’s shares were valued on the FTSE 100 at 2277.50p, a fall of 1.21 per cent.

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