Shell Posts Disappointing 4th Quarter

The Royal Dutch/Shell Group posted a 19 percent drop in its fourth-quarter net income, blaming the majority of the decline for one-time charges in restructuring ts chemicals and refining businesses.

The results were worse than many analysts had expected, and it followed investors' disappointment last month when Shell cut the estimated size of its proven oil and gas reserves.

The Anglo-Dutch oil company reported a net profit of $1.88 billion for the three months ending Dec. 31, down from $2.31 billion a year ago.