Shell reports record profits
Royal Dutch Shell has reported a 36% jump in profits on the strength of soaring crude oil prices in the past three months. The price of a single barrel is now about $78.
The Anglo-Dutch firm said that net profits came in at £3.4bn for the quarter – representing earnings of about $3m per hour – although Shell said its operations in Nigeria had been disrupted by militants.
City analyst Colin Perry commented: “The numbers are huge, as we saw with BP a few days ago, and have come in over expectation thanks to the rising oil price.
“Despite the cost pressures cited by chief executive Jeroen van der Veer it is still immensely profitable.”
He concluded: “The oil business continues to be one of the most significant generators of revenue in corporate history.”