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Royal Dutch Shell 'changing emphasis' as profits fall Royal Dutch Shell 'changing emphasis' as profits fall
(35 minutes later)
Oil giant Royal Dutch Shell is stepping up asset disposals as part of a strategy that will see the company "changing emphasis" in 2014.Oil giant Royal Dutch Shell is stepping up asset disposals as part of a strategy that will see the company "changing emphasis" in 2014.
Shell has posted profits of $2.9bn (£1.7bn) for last quarter of 2013, down from $5.6bn on the period in 2012.Shell has posted profits of $2.9bn (£1.7bn) for last quarter of 2013, down from $5.6bn on the period in 2012.
This took full-year profits to $19.5bn, against $25.3bn in 2012, but in line with forecasts after a profits warning.This took full-year profits to $19.5bn, against $25.3bn in 2012, but in line with forecasts after a profits warning.
Chief executive Ben van Beurden said "the landscape the company had expected has changed".Chief executive Ben van Beurden said "the landscape the company had expected has changed".
On 17 January, Shell, the world's third-largest publicly-quoted oil company, issued a "significant" profit warning for the quarter to the end of December, detailing across-the-board problems just weeks into the tenure of new boss Mr van Beurden. On 17 January, Shell, the world's third-largest publicly-quoted oil company, issued a "significant" profit warning for the quarter to the end of December, blaming high exploration costs, pressures across the oil industry and disruption in Nigeria.
"Our overall strategy remains robust, but 2014 will be a year where we are changing emphasis, to improve our returns and cash flow performance," he said in a statement. Mr van Beurden took over as chief executive on 1 January, replacing Peter Voser.
Capital spending will fall to $37bn this year from $46bn in 2013, Shell said, adding that for the time being it was also scrapping a controversial exploration programme in Alaska. The new boss said in a statement on Thursday: "Our overall strategy remains robust, but 2014 will be a year where we are changing emphasis, to improve our returns and cash flow performance."
Capital spending will fall to $37bn this year from $46bn in 2013, Shell said, adding that, for the time being, it was also scrapping a controversial exploration programme in Alaska.
The Anglo-Dutch company said it would increase the pace of asset sales, targeting disposals of $15bn this year.The Anglo-Dutch company said it would increase the pace of asset sales, targeting disposals of $15bn this year.
"We are making hard choices in our world-wide portfolio to improve Shell's capital efficiency", Mr van Beurden said. "We are making hard choices in our worldwide portfolio to improve Shell's capital efficiency," Mr van Beurden said.
He continued: "The landscape the company had expected has changed. Factors such as the worsening security situation in Nigeria in 2013, and delays to non-operated projects in several other countries, have altered the outlook.
"Oil prices remain high globally, but North America natural gas prices and associated crude markers remain low."