Royal Dutch Shell Plc, Europe’s largest oil company, posted its first quarterly loss in 10 years following a record plunge in oil prices, and warned that industry conditions “remain challenging.”
The fourth-quarter net loss was $2.81 billion, or $0.44 a share, compared with a profit of $8.47 billion, or $1.36, a year earlier, The Hague-based Shell said today in a statement. Revenue fell 24 percent to $81.07 billion.
Chief Executive Officer Jeroen Van der Veer boosted the dividend by 11 percent, and said Shell would continue with “competitive and progressive” payouts even as the global recession hurts demand. The company will maintain project investment in a range between $31 billion and $32 billion this year after cutting spending plans last year.