Shell profits jump 77 per cent

Royal Dutch Shell cashed in on rising energy prices today as it reported profits of nearly £5 billion between April and the end of June.

The second quarter haul, which comes at a time of continued fuel price misery for British motorists, represented a jump of 77% on a year earlier.



The company said it benefited from a 49% rise in oil prices - partly caused by unrest in the Middle East and North Africa - as well as an improved operating performance, although asset sales meant production fell 2% in the period.



Today's figures, which were in line with market expectations, come two days after BP reported profits for the three months to June of £3.2 billion.



Shell chief executive Peter Voser defended the company's profits haul today as he pledged to deliver a "new wave" of production growth.



He said: "Shell reinvests its profits to meet customer demand for low cost energy, and to pay attractive returns to shareholders."



The oil and gas giant recently said it planned to invest 100 billion US dollars (£62.4 billion) on new projects over the next four years, including new projects in Qatar and Canada this year.



It has set a target of 3.7 million barrels of oil equivalent per day for 2014, an increase of 12% on 2010 levels, which it claims is among the highest growth rates in the sector.



Shell has also benefited from a turnaround in the profitability of its downstream operations, with quarterly profits up 28% on a year earlier to 1.88 billion US dollars (£1.15 billion) in the three months.



Mr Voser has responded to more difficult conditions in downstream through restructuring initiatives and has refocused the Anglo-Dutch firm's efforts on emerging growth markets.







The company also announced an agreement with property firms Canary Wharf and Qatari Diar to redevelop Shell Centre, its London home on the South Bank.

The well-known 1950s, 27-storey tower in the middle of the centre will be preserved and retained, with Shell due to take 210,000 sq ft of space in one of the new office buildings to be constructed on the site.



Discussions will now commence with planning authorities about the project, which will also comprise retail and residential space.

Suggested Topics
Start your day with The Independent, sign up for daily news emails
ebooks
ebooksA celebration of British elections
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

SThree: Trainee Recruitment Consultant - Swiss Banking and Finance

£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...

Ashdown Group: Marketing Executive - 6 month FTC - Central London

£25000 - £30000 per annum + benefits: Ashdown Group: An exciting opportunity f...

Ashdown Group: Junior Project Manager (website, web application) - Agile

£215 per day: Ashdown Group: Junior Project Manager (website, web application ...

Guru Careers: Software Engineer / Software Developer

£40-50K: Guru Careers: We are seeking an experienced Software Engineer / Softw...

Day In a Page

Fishing for votes with Nigel Farage: The Ukip leader shows how he can work an audience as he casts his line to the disaffected of Grimsby

Fishing is on Nigel Farage's mind

Ukip leader casts a line to the disaffected
Who is bombing whom in the Middle East? It's amazing they don't all hit each other

Who is bombing whom in the Middle East?

Robert Fisk untangles the countries and factions
China's influence on fashion: At the top of the game both creatively and commercially

China's influence on fashion

At the top of the game both creatively and commercially
Lord O’Donnell: Former cabinet secretary on the election and life away from the levers of power

The man known as GOD has a reputation for getting the job done

Lord O'Donnell's three principles of rule
Rainbow shades: It's all bright on the night

Rainbow shades

It's all bright on the night
'It was first time I had ever tasted chocolate. I kept a piece, and when Amsterdam was liberated, I gave it to the first Allied soldier I saw'

Bread from heaven

Dutch survivors thank RAF for World War II drop that saved millions
Britain will be 'run for the wealthy and powerful' if Tories retain power - Labour

How 'the Axe' helped Labour

UK will be 'run for the wealthy and powerful' if Tories retain power
Rare and exclusive video shows the horrific price paid by activists for challenging the rule of jihadist extremists in Syria

The price to be paid for challenging the rule of extremists

A revolution now 'consuming its own children'
Welcome to the world of Megagames

Welcome to the world of Megagames

300 players take part in Watch the Skies! board game in London
'Nymphomaniac' actress reveals what it was really like to star in one of the most explicit films ever

Charlotte Gainsbourg on 'Nymphomaniac'

Starring in one of the most explicit films ever
Robert Fisk in Abu Dhabi: The Emirates' out-of-sight migrant workers helping to build the dream projects of its rulers

Robert Fisk in Abu Dhabi

The Emirates' out-of-sight migrant workers helping to build the dream projects of its rulers
Vince Cable interview: Charging fees for employment tribunals was 'a very bad move'

Vince Cable exclusive interview

Charging fees for employment tribunals was 'a very bad move'
Iwan Rheon interview: Game of Thrones star returns to his Welsh roots to record debut album

Iwan Rheon is returning to his Welsh roots

Rheon is best known for his role as the Bastard of Bolton. It's gruelling playing a sadistic torturer, he tells Craig McLean, but it hasn't stopped him recording an album of Welsh psychedelia
Morne Hardenberg interview: Cameraman for BBC's upcoming show Shark on filming the ocean's most dangerous predator

It's time for my close-up

Meet the man who films great whites for a living
Increasing numbers of homeless people in America keep their mobile phones on the streets

Homeless people keep mobile phones

A homeless person with a smartphone is a common sight in the US. And that's creating a network where the 'hobo' community can share information - and fight stigma - like never before