Shell 1Q Earnings Fall on Oil Price Decline

Date : 05/02/2019 @ 7:54AM
Source : Dow Jones News

Shell 1Q Earnings Fall on Oil Price Decline

Royal Dutch Shell (LSE:RDSB)
Historical Stock Chart

6 Months : From Mar 2019 to Sep 2019

Click Here for more Royal Dutch Shell Charts.

By Oliver Griffin


Royal Dutch Shell PLC (RDSB.LN) on Thursday reported a 7.2% fall in first-quarter earnings, attributing the decline to lower oil prices and lower realized margins in its chemicals and refining businesses.

The British-Dutch oil giant said its profit for the three months ended March. 31 on a net current cost-of-supplies basis--a figure similar to the net income that U.S. oil companies report--fell to $5.29 billion, from $5.7 billion in the year-earlier period.

Adjusted net CCS earnings, which excludes certain items and is Shell's preferred metric, came in at $5.3 billion, down 2% on the first quarter of 2018 but beating guidance. A consensus estimate from 23 analysts compiled by Vara Research forecast adjusted net CCS earnings at $4.54 billion for the quarter.

Revenue in the three-month period fell 6.2% to $83.74 billion, Shell said. Cash flow from operations fell to $ 8.63 billion, from $9.47 billion in the first quarter of 2018.

Production during the first quarter fell 2% to an average of 3.8 million barrels of oil equivalent a day. While prices of liquefied natural gas and gas rose during the quarter, total gas production fell 12% following divestments made by the company, Shell said.

The company declared the fourth tranche of its buyback program. It said it will buy a further $2.75 billion worth of shares in the next tranche, up from $2.5 billion previously. The company launched its $25 billion buyback program last year.

Shell maintained its quarterly dividend at 47 cents a share.


Write to Oliver Griffin at; @OliGGriffin


(END) Dow Jones Newswires

May 02, 2019 02:39 ET (06:39 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

Latest RDSA Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....

No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts

Your Recent History
Gulf Keyst..
FTSE 100
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.