By Brian Swint – Jan 31, 2013 8:04 AM GMT
Royal Dutch Shell Plc (RDSA), Europe’s biggest energy company, said investment will increase after fourth-quarter profit missed analyst estimates on weaker North American fuel prices.
Excluding one-time items and inventory changes, profit was $5.6 billion. That was below the $6.2 billion average estimate of 11 analysts surveyed by Bloomberg. Net capital spending of about $33 billion this year compares with $30 billion in 2012.
Higher costs of getting oil and gas to production are offsetting gains from rising output and record Brent crude prices. Chief Executive Officer Peter Voser is trying to appease investors by raising the dividend in the first quarter, and he expects to increase output to about 4 million barrels of oil equivalent a day in 2017 from 3.3 million barrels last year. read more
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