Scottish Business Briefing – January 17th
ENERGY
Shell shocks City with surprise profit warning
Oil major Shell’s new boss today admitted the oil giant’s performance was “not what I expect” as he issued a shock profit warning just two weeks after taking the helm. Ben van Beurden, who succeeded Peter Voser at the start of the month, said the firm’s fourth-quarter figures were expected to be “significantly lower than recent levels of profitability”. Shell’s fourth-quarter underlying earnings are now expected to almost halve to around $2.9 billion (£1.8bn), well below market expectations of $4bn. (Scotsman)
Industry facing ‘structural shift’ in balance of power
The former boss of oil and gas explorer Dana Petroleum last night urged UK policy makers to take heed of major shifts on the global energy landscape to ensure the North Sea remained competitive. Marcus Richards, in his first public speaking engagement since he left his role as chief executive of the Korean-owned firm, said the oil and gas industry was witnessing a “structural shift” in the balance of power among industry players, host governments and national oil companies. (P&J)
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