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Shell CEO Ben Van Beurden. Image courtesy of Royal Dutch Shell.

Royal Dutch Shell revised its fourth quarter results down by $178 million Friday after discovering a stock valuation error in its downstream operations.

The value of the company’s inventories was initially reported as $19.98 billion and was revised down to $19.70 billion

Underlying earnings were not affected by the error, Shell said.

The company’s fourth quarter and full year 2014 results have also been corrected in light of the valuation error.

Fourth quarter 2014 income attributable to shareholders fell from $773 million to $595 million while full year income attributable to shareholders was revised down to $14.87 billion from $15.05 billion.

Basic earnings per share slid from $0.12 per share to $0.09 per share in the fourth quarter 2014 and diluted earnings per share fell from $2.38 per share to $2.36 per share for the full year 2014.

Shell’s $4.2 billion fourth quarter earnings and $19 billion full year 2014 earnings, on a current cost of supplies (CCS) basis, are unchanged.

The company’s $3.3 billion fourth quarter and $22.6 billion full year CCS earnings excluding identified items were also kept in place.

The CCS adjustment for the company’s downstream unit increased from $3.39 billion to $3.56 billion in the fourth quarter 2014 and from $3.98 billion to $4.16 billion for the full year 2014.

The revised amounts will be included in the company’s 2014 annual report.