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Shell Results a ‘Disappointment’

By WSJ Staff

  • October 29, 2009, 4:49 AM ET

Royal Dutch Shell’s third quarter earnings, out this morning, are a “disappointment,” says Peter Hutton at NCB. “After BP’s slam dunk results, this is only a bit up….5% is a bit anemic,” referring to how much the company’s clean current cost of supplies beat consensus by. Shell’s third-quarter clean current cost of supplies was $2.62 billion, ahead of consensus forecasts of $2.5 billion. Hutton had expected $2.89 billion. BP beat consensus forecasts by 50%, he says.

“Our third-quarter results were affected by the weak global economy. Upstream and downstream profitability has been sharply reduced compared to year-ago levels,” said Shell Chief Executive Peter Voser. “We see some indications that energy demand and pricing are improving, but the outlook remains very uncertain, and we are not expecting a quick recovery.”

Shell shares were down 3.4% in morning trading Thursday. – Dow Jones Newswires

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