Shell announces fourth quarter results

<p>Fourth quarter results have been announced by Shell.</p>

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.

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