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Shell expects sharp decline in 2015 profits

Xinhua, January 20, 2016 Adjust font size:

Shell expects a sharp fall in profits over the full year 2015, the Anglo-Dutch oil and gas company announced on Wednesday, a week before shareholders vote on its planned takeover of rival BG Group.

Ahead of the Shell general meeting on Jan. 27, in which shareholders will vote on the acquisition of the British oil and gas company BG Group, Shell published unaudited fourth quarter and full year 2015 results on Thursday. The definite results will follow on Feb. 4.

The fourth quarter 2015 earnings on a current cost of supplies basis (CCS), excluding identified items, are expected to be in the region of 1.46 to 1.74 billion euros (1.6 to 1.9 billion U.S. dollars). The CCS earnings excluding identified items in Q4 of 2014 were 3.02 billion euros.

Full year 2015 earnings on a CCS basis excluding identified items are expected to be in the region of 9.53 to 9.80 billion euros.

Income attributable to shareholders is expected to be in the region of 0.54 to 0.91 billion euros for the fourth quarter of 2015, while the income attributable to shareholders in Q4 of 2014 was 708 million euros.

"I'm pleased with Shell's operating performance in 2015, and the momentum in the company to reduce costs and to improve competitiveness," Ben van Beurden, CEO of Shell, said.

"Bold, strategic moves shape our industry. The completion of the BG transaction, which we are expecting in a matter of weeks, will mark the start of a new chapter in Shell, to rejuvenate the company, and improve shareholder return," he added. (1 euro = 1.09 U.S. dollars) Endit