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Shell profit falls short as rising crude costs sap refining

Profits at oil major Shell came a billion dollars short of analyst estimates. Crude oil prices have recovered some, but major oil companies are still facing tough times.

Photo: Royal Dutch Shell PR
BY RAKTEEM KATAKEY, BLOOMBERG

Royal Dutch Shell Plc reported fourth-quarter profit that missed analyst estimates after crude's recovery drove up costs for refining while earnings from production did little more than break even.

Profit adjusted for one-time items and inventory changes totaled USD 1.8 billion, a billion dollars short of analyst estimates. The upstream, downstream and integrated-gas business units all missed company forecasts. Shell barely made any money from refining and trading: just USD 77 million, down 90 percent.

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