AMSTERDAM (AP) -- A marked deterioration in Royal Dutch Shell's refining operations contributed to a modest fall in fourth quarter profits at Europe's biggest oil company.
Over the previous year, Shell said its net profit fell 4.3 percent to $6.50 billion.
Though the company's production arm was helped by higher oil prices, its refining operations swung to a loss.
Production profits rose 29 percent to $6.57 billion despite a fall in production. Shell's "downstream" operations, which include its refining arm, lost $244 million, compared to profit of $411 million a year ago.
Chief executive Peter Voser said overall he was "satisfied" with the company's performance.
Shell will increase its quarterly dividend a cent to $0.43 in 2012.
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