Shell reports profits up sharply on oil prices rises

Higher gas and oil prices have pushed up profits at Royal Dutch Shell during the three months to the end of September.Shell reports profits up sharply on oil prices risesCurrent cost of supply net income at Shell doubled to £4.5 billion, compared with £2.19 billion during the same period a year ago.

The cost of Brent crude was 48% higher in the quarter compared with the same period last year.

Higher oil prices also increased the price of gas in Europe and Asia. Shell produces almost as much gas as oil.

“Our profits pay for Shell’s substantial investments in new energy projects, to ensure low-cost, reliable energy supplies for our customers and to create value for our shareholders,” said Shell chief executive Peter Voser.

“Our third quarter results were higher than year ago levels, driven by higher oil prices and Shell’s performance,” he added.

In the UK, the company recently announced it was investing in the deep-water Clair oil field west of the Shetland Islands, in a scheme operated by rival BP.

The company also completed the sale of the Stanlow refinery for a total of $1.2bn.

Shell said it had had a series of recent accidents.

In August, the company suffered a leak at its Gannet Alpha platform in the North Sea of around 1,300 barrels.

In October, Shell declared a force majeure clause on some of its customers after a fire shut down its refinery in Singapore.

October 31, 2011  Tags: , , , , ,   Posted in: Business Development, Business Profits, Business Services, Business Win, Professional Services, Uncategorized, Winning Businesses

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