Oil giant Shell issues Q4 profits warning

Oil major Royal Dutch Shell has issued a profits warning for Q4, pointing to higher production costs and lower volumes.

The group said its fourth quarter 2013 figures, which are expected to be published on 30 January, will be "significantly lower than recent levels of profitability", considering current oil and gas prices and the downstream oil products industry environment. It now expects profits for the quarter to be about $2.2bn (£1.3bn), compared to the $4bn analysts had expected, and profits for 2013 as a whole to be $16.8bn. That is down from profits of $27.2bn recorded in 2012. It said earnings were also impacted by higher exploration expenses and lower upstream volumes. Chief executive offic...