Shell profits soar by a fifth on oil price hikes
Friday 29 October 2010
Profits at Royal Dutch Shell soared by 18 per cent to $3.5bn (£2.2bn) in the third quarter thanks to rising production and sharp rises in the oil price.
The Anglo-Dutch group's booming profits were announced just hours before its rival Exxon outlined net income up by 55 per cent to $7.4bn, as oil majors around the world reaped the benefit from the 12 per cent year-on-year hike in oil prices.
Shell's underlying profits – stripping out one-off items – shot up by an eye-watering 88 per cent to $4.9bn, the company said yesterday, underpinned by a 5 per cent rise in production and sales of liquefied natural gas up by 22 per cent.
The chief executive Peter Voser said: "Our results have rebounded substantially from year-ago levels, driven by some improvement in industry conditions, and Shell's strategy."
The company is in "a delivery window for new growth," Mr Voser said, pointing to new production at the Jackpine oil sands mine and investment decisions on new deep water projects in the Gulf of Mexico and Brazil.
"We are making good progress against our targets, and there is more to come from Shell," Mr Voser said.
Shell is also cuttings its internal costs and selling off less profitable businesses, particularly in its refining and marketing arm. The group has already sold $2bn-worth of assets this year and plans to offload another $6bn-worth by the end of the year.
BP, which reports next week, is expected to be the exception to the industry boom, pulled down by the Deepwater Horizon in the Gulf of Mexico this summer.
- 1 Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
- 2 Pope Francis issues top 10 tips for happiness – including don’t try to convert other people
- 3 Arturo Vidal to Manchester United: Midfielder set to force through move to Louis van Gaal's Red Devils - reports
- 4 Disney heiress Abigail disowns her share of family profits in West Bank company
- 5 Israel's propaganda machine is finally starting to misfire
Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
Pope Francis issues top 10 tips for happiness – including don’t try to convert other people
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Justin Bieber posts Instagram photo of Orlando Bloom crying after Ibiza fight 'over Miranda Kerr'
Disney heiress Abigail disowns her share of family profits in West Bank company
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£20000 - £24000 per annum: Harrington Starr: A leading provider of web based m...
£28000 - £32000 per annum: Ashdown Group: Secretary (Sales Team Support) - Mat...
Competitive (DOE): Guru Careers: We are looking for an Assistant Management Ac...
£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...