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Shell announces huge rise in profits

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Russell Lynch
Thursday, Oct 30, 2008

Oil giant Royal Dutch Shell today joined the profits bonanza from record prices with a 71 per cent jump in third-quarter earnings.

The firm made a mammoth 10.9 billion US dollars (£6.6 billion) between July and September – a period when oil prices hit a peak above 147 dollars a barrel.

The news, which is likely to spark fresh calls for a windfall tax, comes two days after rival BP posted its biggest-ever quarterly profits of £6.4 billion.

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Royal Dutch Shell posted the huge profits – a quarterly record and equivalent to nearly £72 million a day – despite a 1 per cent fall in production compared to last year.

This was due to factors such as the impact of hurricane damage in the Gulf of Mexico, which hit refining availability, as well as maintenance work in the North Sea.

  • A d v e r t i s e m e n t

Oil prices have since fallen back to less than half their mid-July peak to trade at around 70 dollars a barrel, as global demand fears mount.

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This article was posted: Thursday, October 30, 2008 at 11:41 am

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