Shell Profit Misses Analyst Estimates as Global Output Drops
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Royal Dutch Shell Plc, Europe’s biggest oil company, reported third-quarter earnings that missed analyst estimates as profits at refineries plunged, disruption in Nigeria cut output and spending increased.
Profit excluding one-time items and inventory changes fell 32 percent to $4.5 billion from $6.6 billion a year earlier, The Hague-based Shell said in a statement. That missed the $5.3 billion average estimate of 11 analysts surveyed by Bloomberg. Spending on projects and acquisitions will reach $45 billion this year, the company said, $5 billion more than expected.