Profit warning by Shell

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Royal Dutch Shell said that it expects lower fourth-quarter earnings compared to 2012 quarter.

Shell Refueller / Wikipedia

The company is expected to release its fourth-quarter results on Jan. 30.

In a statement on Friday, Shell said its fourth-quarter earnings will be significantly lower in the fourth quarter due to weak industry conditions in downstream oil products, higher exploration expenses and lower upstream volumes.

The company’s fourth quarter 2013 earnings on a current cost of supplies basis, excluding certain items, are expected to be about $2.9 billion, compared to $5.6 billion in 2012 quarter.

“Our 2013 performance was not what I expect from Shell. 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,” Chief Executive Officer (CEO) Ben van Beurden said.