Shell CEO: $27.6 Billion in 2007 Earnings Yield 'Satisfactory Results'
Royal Dutch Shell's fourth quarter 2007 earnings, on a current cost of supplies (CCS) basis, were $6.7 billion compared to $6.0 billion a year ago. Basic CCS earnings per share increased by 13% versus the same quarter a year ago.
Full year 2007 CCS earnings were $27.6 billion compared to $25.4 billion for the full year 2006. Basic CCS earnings per share for the full year 2007 increased by 11% when compared to 2006.
A fourth quarter 2007 dividend has been announced of $0.36 per share, an increase of 11% over the US dollar dividend for the same period in 2006. From 2007 onwards the Group has been declaring its dividends in US dollars rather than in euros.
The first quarter 2008 dividend is expected to be declared at $0.40 per share, an increase of 11% compared to the first quarter dividend of 2007.
$1.5 billion or 0.6% of Royal Dutch Shell shares were bought back for cancellation during the quarter. Shares bought back for cancellation in 2007 totaled $4.4 billion or 1.7% of the shares.
Royal Dutch Shell Chief Executive Jeroen van der Veer commented, "Overall these are satisfactory results. We made good progress in 2007, launched new projects upstream and downstream, and achieved exploration successes. In the fourth quarter, we continued to see weak refining margins. We are proceeding with the rejuvenation of our portfolio with investment in new legacy assets, and through disposals. The execution of our strategy is on track."
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