Profit warning for Royal Duch Shell. The oil giant warned that fourth-quarter accounts will be significantly lower than recent levels on the back of oil and gas price trends and the crisis in the refining sector.
The oil giant revised its fourth-quarter earnings estimate (calculated on the basis of current cost of supplies, excluding specific items) by 70% to $2,9 billion versus $4 billion forecast by analysts. . The accounts for the quarter will be released in two weeks and for Shell it is the first profit warning on the eve of a quarterly since 2004.
However, Shell had already disappointed expectations on the third quarter results announced last October, explaining the results with weak refining profit margins, higher production costs and production stops in Nigeria.
The announcement came from the new CEO Ben van Beurden, in office since January XNUMXst.
"Our 2013 performance was not what I expected from Shell - said van Beurden - Our focus will be on improving Shell's financial results, achieving better capital efficiency to continue strengthening our operating performance".
The stock is down sharply, -2,6%, dragging along the entire European oil sector. Eni resists around parity -0,06%.
