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| Royal Dutch Shell issues 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. | "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. |
| Shell's shares fell more than 4% at the beginning of trading in London. | |
| Profits for 2013 are expected to be down significantly on 2012, when it made $27.2bn. | |
| "Our 2013 performance was not what I expect from Shell," Shell chief executive Ben van Beurden said in a statement. | "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." | "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." |
| Mr van Beurden became chief executive at the beginning of this year, taking over from Peter Voser. | |
| 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. | 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. | 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. | Expected profits of $2.2bn for the quarter include impairments of $700m. When these are discounted, the expected profits are $2.9bn. |