News Summary: Shell hit by lower production

Shell reports poor third-quarter results, promises 2013 was 'peak investment' year

Associated Press

THIRD QUARTER: Profit at Royal Dutch Shell PLC, Europe's largest oil company, fell because of weaker demand for fuel and a drop in output, particularly in Nigeria, where attacks on pipelines have forced shutdowns.

BREAKDOWN: Earnings, after stripping out the impact of fluctuations of oil prices between when it is produced and when it is sold, fell to $4.25 billion (3.10 billion euros) from $6.15 billion in the same quarter a year ago. Net profit, which does not strip out those fluctuations, fell to $4.68 billion from $7.16 billion.

NEXT YEAR: Chief Financial Officer Simon Henry said earnings will recover in 2014 as investment costs fall, but the company is still planning significant capital expenditures.

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