Shell, Eni warn of sluggish recovery
By Tom Bergin |
October 30, 2009, Friday
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Print Edition
Print Edition
OIL majors Royal Dutch Shell Plc and Eni warned of a slow recovery, highlighting weak energy demand and operational challenges, as their profits slumped.
Shell, Europe's largest oil company by market value, said it was cutting 5,000 jobs to tackle the tough economic environment.
The results and pessimistic outlook contrast with third-quarter earnings from London-based BP Plc, which smashed forecasts by 50 percent, lifting sector shares on Tuesday on hopes the industry would weather the economic slump better than expected.
Milan-based Eni predicted European demand for natural gas and fuels would continue to shrink.
Eni's third-quarter adjusted net profit fell 60.5 percent to 1.15 billion euros (US$1.7 billion) compared with a Thomson Reuters consensus of 1.11 billion euros.
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