Oil giant Shell has announced its fourth quarter results in a statement today (January 17th).
Stocks in the company fell on the back of the news that its earnings for the October-December period are expected to be approximately $2.9 billion (£1.77 billion).
Shell said in a statement that its results for the fourth quarter have been "impacted by weak industry conditions in downstream oil products, higher exploration expenses and lower upstream volumes".
Commenting on the revenues, chief executive officer Ben van Beurden stated that the company's performance in 2013 was not what he expects from Shell.
He 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."
In the early stages of trading this morning, the share price of the oil company is falling steadily following the release of the revenues data. By 08:17 GMT, its stocks were over three per cent down for the day and were still falling.
Find up to date information on the FTSE 100 and spread betting strategies at City Index
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.