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| Royal Dutch Shell 'changing emphasis' as profits fall | Royal Dutch Shell 'changing emphasis' as profits fall |
| (about 2 hours 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. |
| The changes will involve Shell stopping its exploration programme in Alaska. | |
| On Thursday, Shell posted 'clean' profits - which strip out the impact of oil price movements - of $2.9bn (£1.7bn) for the 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. | |
| New 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, blaming high exploration costs, pressures across the oil industry and disruption in Nigeria. | 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. |
| Mr van Beurden took over as chief executive on 1 January, replacing Peter Voser. | Mr van Beurden took over as chief executive on 1 January, replacing Peter Voser. |
| 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." | 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. | 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. |
| Last week, a US court ruled that a full assessment of the environmental risk associated with the Alaska exploration had not been carried out by the US government. | |
| 'Hard choices' | |
| 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 worldwide 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. | 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." | "Oil prices remain high globally, but North America natural gas prices and associated crude markers remain low." |