The costs of a trouble-prone drilling programme in Arctic waters off Alaska have contributed to Shell being forced to issue a shock profit warning which has shaken investor confidence. Shares in the Anglo-Dutch oil group slumped in early trading after its newly-installed chief executive admitted that fourth quarter earnings would be around 70% lower than the same period last year. …van Beurden is expected to announce a string of divestment targets at the end of this month.
Sources say financial writedowns come from costs associated with the Alaskan drilling operation
The costs of a trouble-prone drilling programme in Arctic waters off Alaska have contributed to Shell being forced to issue a shock profit warning which has shaken investor confidence.
Shares in the Anglo-Dutch oil group slumped in early trading after its newly-installed chief executive admitted that fourth quarter earnings would be around 70% lower than the same period last year.
“Our 2013 performance was not what I expected from Shell,” Ben van Beurden said. “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.”