Shell profit soars – but misses forecast

first_img Show Comments ▼ Tags: NULL whatsapp John Dunne Royal Dutch Shell posted a near fivefold increase in fourth quarter net profit – powered by higher oil prices.The company said fourth quarter 2010 earnings, on a current cost of supplies basis, were $5.7bn (£3.5bn) compared to $1.2bn a year ago when the company suffered heavy refining losses.Excluding non-operating and one-off items, the result was $4.1bn, compared to an average forecast of $4.85 billion in a Reuters poll of seven analysts. Exxon Mobil reported a better-than-expected 53 per cent increase in quarterly profit on Monday, while Chevron said net income rose 73 per cent.BP Plc, which is struggling to put the Gulf of Mexico oil spill behind it, reported a 34 per cent rise in Replacement Cost (RC) net income. The result would have been up only slightly were it not for $1.4bn in gains from asset sales.RC and CCS net income strip out unrealised gains related to changes in the value of fuel inventories, so are comparable to U.S. net income.Benchmark U.S. crude prices averaged about $85 per barrel in the fourth quarter, up from $76 in the fourth quarter of 2009. Shell profit soars – but misses forecast center_img whatsapp Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsUndoBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure SolutionUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBetterBe20 Stunning Female AthletesBetterBeUndoOne-N-Done | 7-Minute WorkoutAdvertisement 7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndo Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof Thursday 3 February 2011 2:47 amlast_img read more