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Reuters: Shell down on market talk of co. cutting forecasts

Wed Oct 10, 2007 11:09 AM BST

LONDON, Oct 10 (Reuters) – Shares in Royal Dutch Shell (RDSa.L: Quote, Profile , Research) extended losses and fell as much as 1.9 percent in late morning trade on Wednesday as traders cited market talk that the energy group was guiding analysts lower on its forecats

One trader said there was talk that Shell’s third-quarter volumes and full-year capital expenditure might be lower than market expectatations.

No immediate comment was available from Shell, whose shares underperformed those of rivals BP (BP.L: Quote, Profile , Research) and Total (TOTF.PA: Quote, Profile , Research).

Shell is due to report results later this month.

In July, Royal Dutch Shell bucked an industry-wide trend of falling earnings and reported a 20 percent rise in second-quarter profits as fat refining margins helped outweigh lower output.

Late on Tuesday, Chevron Corp (CVX.N: Quote, Profile , Research) said it expected its third-quarter net income to be significantly below the $5.4 billion it earned in the second quarter due to a sharp drop in its refining margins.

(Additional reporting by Dan Lalor)

© Reuters 2007. All Rights Reserved.

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