Profits fall at Shell

Profits at oil giant Royal Dutch Shell fell last year as the price of oil and gas declined.

Shell said annual earnings attributable to shareholders sank by 36% $15.3bn (£11.8bn), with earnings in the final quarter of the year tumbling 88% to $871m.

Its fourth quarter profits were hit by charges the company took for impairments on its onshore natural gas fields in North America.

Chief executive Ben van Beurden said Shell still intended to complete its $25bn share buyback programme but warned the pace of it could slow.

“Our intention to complete the $25bn share buyback programme is unchanged, but the pace remains subject to macro conditions and further debt reduction,” he said.

Source – BBC News

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