Shell to cut more jobs as earnings disappoint

[TwixVoy]

Source: AP

AMSTERDAM – Royal Dutch Shell PLC, which rivals BP PLC as Europe's largest oil company, on Thursday reported disappointing fourth quarter earnings due to a weak refining business, and said it will freeze its dividend in 2010 and cut 1,000 more jobs.

Net profit was $1.96 billion, compared with a loss of $2.81 billion in the same period a year ago, when the company took a multibillion dollar writedown on the value of its inventory after a sharp fall in the price of oil.

Stripping out the inventory effect, however, profit fell 75 percent to $1.18 billion from $4.79 billion.
"We are facing challenging market conditions," Chief Executive Peter Voser said on a conference call. "Especially downstream (in refining) and natural gas, despite the headline increase in oil prices, and the outlook for 2010 remains difficult."

Read more: http://news.yahoo.com/s/ap/20100204/ap_on_bi_ge/eu_netherlands_earns_shell_5

[Rosa Luxemburg]

1. why do they have to make billions in profit?

millions would do and they can keep the workers?

[Subdivisions]

4. How are you going to keep people working in a declining industry? n/t

[Rosa Luxemburg]

6. Shell should go in for windpower, hydroelectric etc - create jobs

[CatholicEdHead]

7. Doubtful

BP was big into that until the market drop. Since then they have pulled back from alternative energies, so I have a hard time thinking Shell would explore alternative energies in this economy.

[mbperrin]

2. Gosh, only a little more than $200 MILLION a day, every day in profits!

No wonder they feel bad....
















If I need a sarcasm tag, check your IQ.

[lib2DaBone]

3. What a shame that Shell Oil can only make Billions instead of Trillions...$$$$

..If only we had a comprehensive energy policy and government leadership.

I know, I know, our elected "leaders" are soooo busy. (It's hard work stuffing all that lobby cash in your pockets 24/7)

Just no time left to do anything for the taxpayer.

[OhioChick]

5. Over a billion in profits and they need to cut jobs?

:wtf: