RSN June 14 Fundraising
FB Share
Email This Page
add comment
Print

Cripps reports: "Shell has benefited from a 48% rise in oil prices - partly caused by unrest in the Middle East and North Africa - as well as a 2% increase in production, excluding asset sales. Natural gas prices have risen nearly a third after the Fukushima nuclear disaster boosted demand as Japan sought alternative sources of power."

Japanese emergency workers check resident survivors for signs of radiation contamination, 03/16/11. (photo: Asahi Shimbun/Reuters)
Japanese emergency workers check resident survivors for signs of radiation contamination, 03/16/11. (photo: Asahi Shimbun/Reuters)



Fukushima Nuclear Disaster Lifts Shell Profit

By Peter Cripps, The Independent UK

27 October 11

 

This comes at the same time Exxon is reporting a third-quarter profit of $10 Billion. -- JPS/RSN

 

piralling oil prices and strong demand for gas after the Fukushima nuclear disaster helped Shell double its profits between July and September.

Europe's largest oil company reported profits of £4.5 billion, up from £2.2 billion, at a time of continued fuel price misery for British motorists.

Shell has benefited from a 48% rise in oil prices - partly caused by unrest in the Middle East and North Africa - as well as a 2% increase in production, excluding asset sales.

Natural gas prices have risen nearly a third after the Fukushima nuclear disaster boosted demand as Japan sought alternative sources of power.

Today's figures, which were in line with City expectations, come two days after BP reported a three-fold increase in profits to £3.2 billion for the three months to September.

The Hague-based group said its investments in big new projects including in Canada and Qatar were paying off, while the result was also boosted by stronger refining margins. It plans 20 new investments between 2011 and 2014.

Earnings at its downstream business, which includes its petrol stations, increased by 24% to $1.8 billion (£1.1 billion).

Chief executive Peter Voser also said that although Shell had already met its target of $5 billion (£3.1 billion) of disposals this year, including the £750 million sale of Stanlow refinery in Cheshire, sales of "non-core" assets would continue.

Shares rose 0.7% today. Richard Hunter, head of equities at Hargreaves Lansdown stockbrokers, said the results were a reminder of why some investors adhere to the adage "never sell Shell."

He added: "The update may be the cause of some admiring glances from arch rival BP, currently in the midst of its own transformation."

 

Comments   

We are concerned about a recent drift towards vitriol in the RSN Reader comments section. There is a fine line between moderation and censorship. No one likes a harsh or confrontational forum atmosphere. At the same time everyone wants to be able to express themselves freely. We'll start by encouraging good judgment. If that doesn't work we'll have to ramp up the moderation.

General guidelines: Avoid personal attacks on other forum members; Avoid remarks that are ethnically derogatory; Do not advocate violence, or any illegal activity.

Remember that making the world better begins with responsible action.

- The RSN Team

 
+2 # Pufferly 2011-10-28 06:33
I am hereby losing my lunch listening to these monsters wallowing in profits from activities that are compromising life everywhere. Welcome to the theofascist police state run by a plutocrat near you.
 
 
+1 # Archie1954 2011-10-30 12:47
Why isn't the oil industry regulated like a utility?
 

THE NEW STREAMLINED RSN LOGIN PROCESS: Register once, then login and you are ready to comment. All you need is a Username and a Password of your choosing and you are free to comment whenever you like! Welcome to the Reader Supported News community.

RSNRSN