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Royal Dutch Shell (RDS) warned shareholders on Wednesday to brace for a steep drop in profits for the last quarter of 2015 as plunging oil prices left a big dent in the company's bottom line.
The Anglo-Dutch energy giant said it expected fourth-quarter earnings to come in at $1.6-1.9 billion (1.5-1.7 billon euros), or some 40 percent lower than the same period a year before. Full-year earnings were estimated to total $10.4-10.7 billion, or 45 percent below 2014 levels.
'Please' despite pain
Despite the painful figures, CEO Ben van Beurden said he was "pleased with Shell's operating performance in 2015, and the momentum in the company to reduce costs and to improve competitiveness."
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