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Shell set to round off bad year with disappointing fourth quarter profits

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By Daily Mail Reporter

Monday 27 January 2014

Shell is this week expected to round off a disappointing year with lacklustre fourth-quarter profits.

The Anglo-Dutch oil giant issued a profit warning earlier this month, saying it was likely to record a lower-than-expected £1.8billion profit for the final three months of the year.

That sets the company up for an annual underlying profit of £11.8billion, a long way below the £16.3billion it recorded in 2012.

New boss Ben van Beurden blamed a string of factors including maintenance shutdowns in particularly high margin businesses such as liquid natural gas and a general decline in oil prices.

Shell investors have called on the company to cut spending and return more cash to shareholders.

SOURCE

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