* Q4 profit falls to $2.9 bln
* 2019 profit down 23%
* Plan to complete $25 bln buyback "unchanged" -CEO
(Adds detail)
By Ron Bousso and Shadia Nasralla
LONDON, Jan 30 (Reuters) - Royal Dutch Shell's
fourth-quarter profit halved to $2.9 billion, its lowest in more
than three years, on weaker oil and gas prices as the company
took a $1.6 billion charge on its U.S. gas fields.
The Anglo-Dutch energy company warned again that slowing
global economy could affect the pace of its $25 billion share
buyback programme, but CEO Ben van Beurden said Shell still
intended to complete it.
"Our intention to complete the $25 billion share buyback
programme is unchanged, but the pace remains subject to macro
conditions and further debt reduction," van Beurden said.
Shell took a $1.65 billion charge in the fourth quarter
mainly due to impairments on its onshore natural gas fields in
North America. Rivals including Chevron and BP have also taken a
number of large impairments in recent months.
The 48% drop in net income attributable to shareholders,
based on a current cost of supplies (CCS) and excluding
identified items, contrasted with a profit forecast of $3.2
billion, a company-provided survey of analysts showed.
Shell's third quarter profits were $4.8 billion.
For 2019, Shell's profit was $16.5 billion, down 23%.
Although rising tensions in the Middle East and a Phase 1
trade deal between the world's top two economies boosted oil
prices to above $70 a barrel in early January, prices fell below
$60 this week as China's outbreak of coronavirus exacerbated
fears of a global economic slowdown.
(Reporting by Ron Bousso and Shadia Nasralla; editing by Jason
Neely)
