Shell revises down annual net profit after error

Oil giant Shell revised down Friday its 2014 net profit, after uncovering an error in the value of its downstream operations one day after posting annual results.

Shell announced in a new statement that annual net profits fell nine percent to $14.874 billion (13.17 billion euros) last year compared with 2013, hit by collapsing global oil prices.

The Anglo-Dutch oil group on Thursday had stated its 2014 net earnings as $15.052 billion.

Profits after taxation meanwhile tumbled by 67 percent to $595 million in the fourth quarter of last year, compared with the final three months of 2013.

That also marked a downward revision from the fourth-quarter figure of $773 million that was given in Thursday's annual results statement.

"Subsequent to making that announcement, a stock valuation error in its downstream operations was discovered," Shell said on Friday.

It added: "The fourth quarter and full year 2014 results of Royal Dutch Shell plc have been revised to take account of this stock valuation error."