Final-quarter profits fall at Royal Dutch Shell

Royal Dutch Shell today said profits more than halved in the final three months of last year.

The impact of falling oil prices led to a haul of $4.78bn (€3.66bn) for the final quarter of 2008, against $10.9bn (€8.34bn) in the third quarter and off 28% on the same period a year earlier.

Shell still reported profits of $31.37bn (€24bn) for 2008, up 14% after oil prices peaked at $147 (€112.50) a barrel in the summer.

Chief executive Jeroen van der Veer described the fourth quarter performance as satisfactory given the impact on demand caused by the weaker economy.

He pledged to maintain investment at near to last year’s level of $32bn (€24.4bn) in order to safeguard future profitability.

Mr van der Veer added: “Industry conditions remain challenging, and we are continuing the focus on capital and cost discipline in Shell.”