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.
As Voltaire once said, “Ice cream is exquisite. What a pity it isn’t illegal”
- 1 'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
- 2 Mother fed her daughter tapeworms to make her skinny for pageant
- 3 Crystal Palace next manager latest: Palace consider Ally McCoist - EXCLUSIVE
- 4 Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
- 5 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
West poised to join forces with President Assad in face of Islamic State
Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – as hunt begins for killer
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Disgusting, frustrating, but intriguing: how the country really feels about its politicians
Bin bag full of cats' heads discovered near Manchester's Curry Mile
iJobs Money & Business
Negotiable: Harrington Starr: Market Administrator (1st line Support, Trade Fl...
£35000 per annum: Harrington Starr: Service Desk Analyst (Windows, Active Dire...
Negotiable: Harrington Starr: Data Support Analyst (Linux, Solaris, Windows Se...
Negotiable: Harrington Starr: Helpdesk Support Engineer (Windows, MS Office, E...