Related News
Shell's sales cut in half, profits shrink
EUROPE'S largest oil company, Royal Dutch Shell PLC, reported a first-quarter net profit of US$3.49 billion yesterday, down 62 percent, as oil prices fell sharply amid the global economic downturn. The net profit figure compares with US$9.08 billion in the same period a year ago. Sales fell 49 percent to US$58.2 billion.
The company's results are dominated by its production arm, which reported a 67-percent fall in earnings to US$1.7 billion. Both oil production and sales prices fell.
Shell said it pumped 3.32 million barrels of oil and equivalents per day, a 3.5-percent fall, due to quota restrictions by the Organization of Petroleum Exporting Countries and attacks on its facilities in Nigeria.
Shell's average selling price per barrel in the quarter was US$42.16, down from US$90.72 a year ago.
After seven years of declining production volumes, Shell has been investing heavily in new production and has promised an average yearly increase of at least 3 percent through to 2012.
It plans US$31 billion in investments this year, compared with US$20 billion by close rival BP Plc.
Shell said new fields that had begun production in the quarter include a large gas project on Russia's Sakhalin Island that is expected to eventually deliver 395,000 barrels per day.
Shell's second largest business, refining, earned US$1.40 billion, down from US$2.37 billion a year ago.
- About Us
- |
- Terms of Use
- |
-
RSS
- |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证:沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证:31120180004
- |
- 网络视听许可证:0909346
- |
- 广播电视节目制作许可证:沪字第354号
- |
- 增值电信业务经营许可证:沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.