Shell Annual Profits Double to $18.6bn

NEWS, 7 Feb 2011

BBC News – TRANSCEND Media Service

The oil giant Shell has reported profits almost doubled from $9.8bn to $18.6bn (£11.5bn) for 2010, partly thanks to rising oil prices and output.

Its chief executive, Peter Voser, said the company had made good progress and that there was “still more to come”.

During the year, the company made $7bn of acquisitions and invested $3bn in exploration.

For the final quarter Shell made profits of $5.7bn, compared with $1.2bn for the same period in 2009.

Despite the strong gains, Shell’s shares fell 3%.

Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers said shares had risen 27% over the past year and investors were taking profits: “Net income was well above expectations and a significant improvement on the previous year.”

The fourth-quarter results are in line with rival BP, which earlier this week reported a profit of $4.6bn for that period, although the cost of sorting out the oil spill in the Gulf of Mexico left BP with an annual loss.

Natural gas

Shell’s results are reported on a current cost basis, which strips out fluctuations in the value of the oil stocks it has not sold.

The price of US crude oil prices averaged about $85 a barrel in the fourth quarter, up from $76 in the fourth quarter of 2009.

Brent crude this week hit $102 a barrel in London – its highest price since 2008.

Shell said it planned at least $25bn in capital expenditure this year.

The company now produces almost as much gas as oil, and the company is expecting gas output to outstrip oil in 2012.

Go to Original –


Share this article:

DISCLAIMER: The statements, views and opinions expressed in pieces republished here are solely those of the authors and do not necessarily represent those of TMS. In accordance with title 17 U.S.C. section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. TMS has no affiliation whatsoever with the originator of this article nor is TMS endorsed or sponsored by the originator. “GO TO ORIGINAL” links are provided as a convenience to our readers and allow for verification of authenticity. However, as originating pages are often updated by their originating host sites, the versions posted may not match the versions our readers view when clicking the “GO TO ORIGINAL” links. This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner.

Comments are closed.