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| Oil giant Shell in profit warning | Oil giant Shell in profit warning |
| (35 minutes later) | |
| Oil giant Royal Dutch Shell has issued a profit warning after it made less money than expected in the final quarter of 2013. | Oil giant Royal Dutch Shell has issued a profit warning after it made less money than expected in the final quarter of 2013. |
| "Fourth-quarter 2013 figures... are expected to be significantly lower than recent levels of profitability," the company said in a statement. | |
| It now expects profits for the quarter to be about $2.2bn (£1.3bn) and profits for 2013 as a whole to be $16.8bn. | It now expects profits for the quarter to be about $2.2bn (£1.3bn) and profits for 2013 as a whole to be $16.8bn. |
| That is down from profits of $27.2bn recorded in 2012. | That is down from profits of $27.2bn recorded in 2012. |
| "Our 2013 performance was not what I expect from Shell," Shell chief executive Ben van Beurden said in a statement. | |
| "Our focus will be on improving Shell's financial results, achieving better capital efficiency and on continuing to strengthen our operational performance and project delivery." | |
| Shell said its profits in the fourth quarter were hurt by a range of factors, including higher exploration costs, security problems in oil-rich Nigeria, and maintenance work that hit oil and gas production. | |
| It said the weakening of the Australian dollar also had an effect. | |
| Expected profits of $2.2bn for the quarter include impairments of $700m. When these are discounted, the expected profits are $2.9bn. |