Thread Shell profits jump 77% on higher oil prices

OzSTEEZ

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Oil giant Royal Dutch Shell has reported a 77% jump in second-quarter profit, thanks to higher energy prices.

Shell's profit for the three months to June came in at $8bn (£4.9bn) on a current cost of supplies basis, up from $4.5bn in the same period last year.

Though oil and gas production was 2% lower than the same quarter in 2010, the company said it had benefited from asset sales in the first half of 2011.

Earlier this week, rival BP announced second-quarter profits of $5.3bn.

On Thursday, larger US rival Exxon Mobil said that net profit rose 41% to $10.7bn for the three months to June from the same period last year.

New projects The price of oil is much higher now than it was a year ago, in part inflated by political unrest in oil-producing countries such as Libya.

Twelve months ago, US light sweet crude oil was trading at about $78 a barrel. It is currently trading at about $97 a barrel, having topped $110 at the end of April.

Shell also said it had sold $4bn of non-core assets in the first six months of the year, which was a "key driver" to reducing costs and improving its operating performance.
However, like BP, Shell's production was down in the second quarter year-on-year, due to field sales and warm weather which hit European gas demand.
But the company said it had started three large-scale projects this year that would add to its oil production by over 400,000 barrels per day.

These are a Canadian oil sands venture and two gas plants in Qatar, in which it has invested $30bn.

"We have made important progress with new production in 2011, and the ramp-up of our new projects should drive our financial performance in the coming quarters," said Shell chief executive Peter Voser.










We are getting ass raped.
 

dbzeag

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Well, if you want to "punish" a profitable company, a company that sells gas and oil, don't buy from them. The power of capitalism.
 

OzSTEEZ

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Well, if you want to "punish" a profitable company, a company that sells gas and oil, don't buy from them. The power of capitalism.

That's the most pathetic answer to tackling problems with big companies.

I don't want to punish them. I just don't want them to be allowed to speculate on oil prices, raising them whenever some bullshit "crisis" seems to be happening.
 

dbzeag

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If you don't like what the company is doing, don't fund them. Don't use their product if they are producing the product in a way you don't like.

Your jealous is tiring.
 

eileenbunny

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If you don't like what the company is doing, don't fund them. Don't use their product if they are producing the product in a way you don't like.

Your jealous is tiring.

I think the problem is that we are a captive audience. All of the oil companies are doing the same thing and we all need to buy gas. Public transportation in this country isn't good enough for most of us to live without a car. So we are stuck being gouged by these companies that just want to be greedy.
 

OzSTEEZ

¡ɟɟo ʞɔnɟ ʇunɔ 'ᴉO
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If you don't like what the company is doing, don't fund them. Don't use their product if they are producing the product in a way you don't like.

Your jealous is tiring.

Use your fucking brain, man!

Besides. This is what we have a government for.
 

DJBrenton

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I always love the way people blame corporations as if they are entities all of thir own. The profits are what drives ordinary people's pension funds in the main. We want companies to not make large profits yet we want our pensions inflation proofed. I wonder what % return these exorbitant profits are on investment.

Just checked. This $8 billion profit is on a capital investment of over $322 billion. If this quarter were consisttent then it would be a pre-tax return of 10%. Hardly something to get worked up about if a freak result only shows 10% pa.
 

dbzeag

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Jun 9, 2006
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I think the problem is that we are a captive audience. All of the oil companies are doing the same thing and we all need to buy gas. Public transportation in this country isn't good enough for most of us to live without a car. So we are stuck being gouged by these companies that just want to be greedy.

Well then there's no point in complaining about it. If one can't do something about it, then there's no point in wasting effort complaining about the conditions.
 

OzSTEEZ

¡ɟɟo ʞɔnɟ ʇunɔ 'ᴉO
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I always love the way people blame corporations as if they are entities all of thir own. The profits are what drives ordinary people's pension funds in the main. We want companies to not make large profits yet we want our pensions inflation proofed. I wonder what % return these exorbitant profits are on investment.

Just checked. This $8 billion profit is on a capital investment of over $322 billion. If this quarter were consisttent then it would be a pre-tax return of 10%. Hardly something to get worked up about if a freak result only shows 10% pa.

Fuck retirement. I'm not living that long.
 

eileenbunny

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Well then there's no point in complaining about it. If one can't do something about it, then there's no point in wasting effort complaining about the conditions.

I'm not complaining. I did something about it. I bought stock in one of the most profitable companies I could find. Now I get to enjoy the fruits of their labor. It's glorious. However, I can see both sides of the argument. There's something called ethics and not everyone applies it the same way. Some people think if a corporation can't be ethical we should force their hand a little. Like Liam said, that's what government is for. I'm guessing he means we should regulate these motherfuckers. It's definitely one way of looking at it and a good way. Honestly I don't mind telling some egomaniac member of a board he can only make 5 million dollars next year instead of 10. It won't happen though. We like getting raped by capitalism. It's the American way. And I can see the other side of it too. We all have opportunities to make millions if we want although that chance is pretty low for your average citizen. The divide between rich and poor is getting bigger right now but that doesn't mean there aren't ways for people to cash in. Just leave your ethics at the door and you'll be fine!