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Royal Dutch Shell Profits Down 60%: Worsening Nigeria Security Dents Oil Giant’s Earnings

October 31, 2013
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Source: International Business Times

Royal Dutch Shell’s on-going security issues in Nigeria weighed on third quarter earnings, sending the oil giant’s shares down by as much as 5% in early trading on the London Stock Exchange.

Shell reported a fall in earnings to $4.2bn (€3bn, £2.62bn) during the third quarter, on a current cost of supplies basis, down from $6.2bn in the same quarter a year before.

Oil theft in Nigeria is a problem for Shell. Moreover, rival militias in the poverty-stricken country engaging in violent battles for resources have intensified security concerns – and raised costs – for those operating in Nigeria.

As well as the Nigeria production problems, Shell said its earnings were hit by significantly weaker industry refining conditions and production volume impacts from maintenance and asset replacement activities.

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