Shell profits soar 15%
By Mike Corder |
July 30, 2010, Friday
|
Print Edition
Print Edition
ROYAL Dutch Shell, Europe's largest oil company, reported a 15 percent rise in net profit for the second quarter thanks to higher oil and gas prices and the early completion of a cost-cutting program.
Net profit during the period was US$4.39 billion, up from US$3.82 billion last year. Revenue swelled to US$90.57 billion from US$63.88 billion, as prices rose and Shell produced more oil.
Chief Executive Peter Voser said yesterday that the results represented "a good performance" in a tough economy.
Shell's rival BP Plc on Tuesday reported a record quarterly loss of US$17 billion in the second quarter after setting aside US$32.2 billion for the Gulf of Mexico oil spill costs.
Chief Financial Officer Simon Henry said Shell took a US$56 million charge in the second quarter for idling rigs in the Gulf of Mexico due to the drilling moratorium imposed after the Deepwater Horizon offshore drilling rig exploded on April 20, killing 11 people and unleashing an unprecedented environmental disaster along the US Gulf Coast.
Net profit during the period was US$4.39 billion, up from US$3.82 billion last year. Revenue swelled to US$90.57 billion from US$63.88 billion, as prices rose and Shell produced more oil.
Chief Executive Peter Voser said yesterday that the results represented "a good performance" in a tough economy.
Shell's rival BP Plc on Tuesday reported a record quarterly loss of US$17 billion in the second quarter after setting aside US$32.2 billion for the Gulf of Mexico oil spill costs.
Chief Financial Officer Simon Henry said Shell took a US$56 million charge in the second quarter for idling rigs in the Gulf of Mexico due to the drilling moratorium imposed after the Deepwater Horizon offshore drilling rig exploded on April 20, killing 11 people and unleashing an unprecedented environmental disaster along the US Gulf Coast.
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