Shell fourth-quarter profits halve on weak oil, gas prices

Royal Dutch Shell’s profit in the fourth quarter of 2019 fell by nearly 50% to $2.9 billion, missing forecasts and falling to its lowest in more than three years on weaker oil and gas prices.

CEO Ben van Beurden said the company’s intention to complete its $25 billion share buyback programme in 2020 remained “unchanged”.

The 48% drop in net income attributable to shareholders, based on a current cost of supplies and excluding identified items, compared with a profit forecast of $3.2 billion, a company-provided survey of analysts showed.

Shell’s third quarter profits were $4.8 billion.

For 2019, Shell’s profit was $16.5 billion, down 23%.