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Trademark closes on 63-acre Waterside site in Fort Worth

Construction begins Oct. 20 on the development, to be anchored by a Whole Foods Market.

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UPDATE: $215M hotel, indoor ski project planned for Grand Prairie

Officials in Grand Prairie are expected later today to announce a $215 million project that will include a Hard Rock Hotel and an indoor ski facility.

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Two Fort Worth council members propose temporary single-family moratorium around TCU

The moratorium would apply to new permits for single-family homes around TCU, and give the city time to figure out what to do with a controversial proposed overlay in several neighborhoods around the university.

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Fresh Ebola fears hit airline stocks

DALLAS (AP) — News that a nurse diagnosed with Ebola flew on a plane full of passengers raised fear among airline investors that the scare over the virus could cause travelers to avoid flying.

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Landscape architect behind several TCU landmarks acquired

The Dallas design firm behind several Texas Christian University projects, as well as Globe Life Park in Arlington and AT&T Stadium, has been acquired by Rvi Planning + Landscape Architecture.

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Shell issues profit warning on Q4


TOBY STERLING, AP Business Writer

AMSTERDAM (AP) — Royal Dutch Shell PLC has issued a profit warning for the fourth quarter, saying results will be worse than most analysts expected due to a mix of lower production, higher costs, and a worse performance by its refining division.

The company on Friday gave provisional, unaudited figures of net profit of $1.8 billion (1.32 billion euros) for the quarter, down from $6.7 billion in the same period a year ago.

Shares, which have underperformed most other major oil companies in the past year, fell an additional 3.5 percent in early Amsterdam trading to 25.435 euros.

Chief executive Ben van Beurden said in a statement the results were "not what I expect from Shell."

Dutchman Van Beurden took over the top job from Peter Voser, who is retiring, just two weeks ago.

The company is not due to release full fourth quarter results until Jan. 30, but added that its earnings, stripping out one-time charges and measured on a "current cost of supplies" basis, which strips out fluctuations in the price of oil, would have been $2.9 billion, versus $5.6 billion in the same period a year ago.

Then, Shell booked a net $1.7 billion in asset sales, versus charges of $700 million this time.

But the company is facing operating difficulties as well.

In its statement, Shell offered a laundry list of problems at its production arm — which usually accounts for the bulk of its earnings.

The company said that it had a "high level of maintenance activity" in the quarter, disproportionately at its most profitable operations, including where it sells gas it has transformed to liquid form.

The company has also suffered frequent shutdowns in Niger's restive river delta due to attacks — or vandalism — on its pipelines.

In December the company said it had made a difficult choice to cancel a $20 billion project to build a facility in Louisiana to convert cheap natural gas to liquid (diesel). At the time, Voser described that as tough decision made only because the company had even more attractive opportunities elsewhere.

He used the same argument in July when he booked a $2.1 billion impairment on the value of the company's U.S. shale assets and began disposing shale holdings in Colorado, Texas and Kansas.

Shell's attempts to explore for oil offshore in Alaska in the Arctic circle have also so foundered. That's not so much due to protests from environmental groups, who vigorously oppose the idea, but because of problems with a safety system Shell was required to have in place before commencing drilling.

In all, its American production activities operated at a loss.

Shell said Friday earnings were also hurt by the weaker Australian dollar.

 

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