|
|
Article: Drop in chemicals, tough European marketing push Royal Dutch earnings down for quarter.(second quarter 1996)
- Article from:
- The Oil Daily
- Article date:
- August 2, 1996
- Author:
CopyrightCOPYRIGHT 1996 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Despite logging stellar earnings from U.S. operations, Royal Dutch/Shell Group reported lower total profits compared with the same period last year.
The company said it was hit hard by the downturn in worldwide chemicals, lower Asia-Pacific refining margins and tough European marketing conditions.
Second-quarter net income at the world's largest nonstate oil company was $1.8 billion, down 12% from last year's levels of $2 billion.
Royal Dutch's earnings were something of a disappointment, given that a batch of U.S. majors had recently reported better-than-expected earnings.
A survey by The Oil Daily shows that net earnings at 12 U.S. majors ...