“It would be a question of the utmost public concern if an undercover officer were effectively permitted to operate without justification, authorisation or oversight in Ireland.”
Company’s three main business units all fell short of its forecasts
Royal Dutch Shell reported fourth-quarter profit that missed analysts’ estimates after its three main business units all fell short of its forecasts.
Profit adjusted for one-time items and inventory changes advanced 14 per cent from a year earlier to $1.8 billion, Shell said in a statement on Thursday.
Analysts had expected profit of $2.8 billion, according to the average of 17 estimates compiled by Bloomberg. The upstream, downstream and integrated gas businesses all missed company guidance.
While drillers have responded to the two and a half year oil-market rout by firing workers, selling assets and scrapping risky projects, the quarterly figures suggest the industry still needs recovery time, even with crude prices doubling since January 2016.
Shell’s oil and gas production totalled 3.91 million barrels of oil equivalent a day in the quarter, up 28 per cent from a year earlier, according to the statement.
The company piled up borrowings following its $54 billion purchase of BG Group. While chief executive officer Ben van Beurden has made debt reduction a top priority, Shell missed its target for asset sales last year as low oil prices depressed valuations.
The CEO this week announced the sale of fields in the North Sea and Thailand for as much as $4.7 billion to accelerate the disposals drive.
The company’s B shares, the most widely traded, rose 53 per cent in London last year, the first annual gain in three. They’re down 5.6 per cent this year.