Anglo-Dutch oil major Shell has announced profit for 2010 that was the equivalent of 13.5 billion euros.
That was almost double the amount it made in 2009 but the increase was thanks to a rebound in crude oil prices and rising output.
Industry analysts had expected much better. They are also worried about slackening demand for oil Shell’s major problems with its refining business.
There is no immediate sign that things are going to improve in refining, where Shell is trying to sell several plants.
Some analysts are concerned by the company’s focus on gas given the weakness of gas prices. There are also worries about oversupply if demand falls.
Shell lagged stronger earnings from Chevron and Exxon Mobil, but nevertheless outpaced rival BP, which is still struggling to put the costs of the Gulf of Mexico oil spill behind it.