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Shell diesel news: Oil giant posts $1.2bn profits in 4Q

04 February, 10
Shell diesel customers have been told that the company's global strategy is still on course despite facing a drop in earnings over the last year.

In its financial results for 2009, the Anglo-Dutch energy giant revealed that its earnings for the final quarter of the year were $1.2 billion (£758 million), down from the $4.8 billion which it generated in the same period in 2008.

Peter Voser, the company's chief executive officer, attributed the drop in earnings to a sharp decline in gas prices and the margins for refined oil products such as diesel.

He said that these factors had outweighed the worldwide rise in the price of oil.

Despite the decrease, Mr Voser expressed his satisfaction that Shell is still "on track", although he conceded that the short-term outlook for the industry is uncertain.

"We are taking steps to improve our performance, to bridge the company and our shareholders into a period of significant growth in the coming years," he said.

Its European rival BP revealed earlier this week that it generated an underlying replacement cost profit of $4.4 billion over the same three-month period.

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Posted by James RichmondADNFCR-2675-ID-19597833-ADNFCR

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Shell diesel news: Oil giant posts $1.2bn profits in 4Q