Shell Swings to Loss on Oil Price Decline

Updated from 2:35 a.m. EST AMSTERDAM, Netherlands -- Royal Dutch Shell(RDS.A Quote), Europe's largest oil company, reported a net loss of $2.81 billion in the fourth quarter as the price of oil fell sharply and it wrote down the value of its inventory.

The company had $8.47 billion in net profit in the same period a year earlier.

The company said Thursday sales fell 24% to $81.1 billion. Crude production was down less than 1% to 3.42 million barrels a day, but Shell's selling price fell 29% to $58.40 as the global economic slowdown hit demand.

CEO Jeroen van der Veer called the results "satisfactory ... given the pressure on demand for oil and gas due to a weaker global economy." ...