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03/02/2005
Shell reports massive $18 billion profit
Anglo-Dutch oil group, Shell, have announced record net profits of over $18 billion for the year 2004, representing a massive increase of 48% since 2003.
The massive profits have been attributed to the rise of crude oil prices. Prices rose steadily during the first three quarters of 2004, peaking in the last quarter. The average price of Brent crude prices in the fourth quarter was $44.05 per barrel compared with $29.45 in the same quarter the previous year.
However, Shell also announced it was reducing its proved energy reserves by 1.4 billion. The group has now only 12.95 billion barrels of oil and gas of proved resources.
Previous reductions in the reserves last year, led to the departure of the company's three top executives, including Chairman Sir Phillip Watts.
Chief Executive, Jeroen van der Veer, said: "2004 was a year of extremes, with the reserves recategorisation on one hand and record net income and cash generation on the other. Our performance demonstrates our financial and operational resilience and the quality of our people and assets."
However, the company said that it expected to pay at least $10 million to shareholders from dividends in 2005. A $3 - $5 billion buyback programme has also been relaunched for 2005.
The production outlook remains at 3.5 to 3.8 million barrels per day for 2005 and at 3.8 to 4.0 million barrels per day for 2006.
(KmcA/SP)
The massive profits have been attributed to the rise of crude oil prices. Prices rose steadily during the first three quarters of 2004, peaking in the last quarter. The average price of Brent crude prices in the fourth quarter was $44.05 per barrel compared with $29.45 in the same quarter the previous year.
However, Shell also announced it was reducing its proved energy reserves by 1.4 billion. The group has now only 12.95 billion barrels of oil and gas of proved resources.
Previous reductions in the reserves last year, led to the departure of the company's three top executives, including Chairman Sir Phillip Watts.
Chief Executive, Jeroen van der Veer, said: "2004 was a year of extremes, with the reserves recategorisation on one hand and record net income and cash generation on the other. Our performance demonstrates our financial and operational resilience and the quality of our people and assets."
However, the company said that it expected to pay at least $10 million to shareholders from dividends in 2005. A $3 - $5 billion buyback programme has also been relaunched for 2005.
The production outlook remains at 3.5 to 3.8 million barrels per day for 2005 and at 3.8 to 4.0 million barrels per day for 2006.
(KmcA/SP)
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26 October 2004
'Strong trading environment' fuels huge BP profits surge
Oil giant BP, in a climate of spiralling prices, have posted a massive profits surge of $1.2 billion to top almost $4 billion for the third quarter. BP saw net profits rise by 43% to £3.9 billion for the quarter, bringing the company a total mark of $12.5 billion so far this financial year.
'Strong trading environment' fuels huge BP profits surge
Oil giant BP, in a climate of spiralling prices, have posted a massive profits surge of $1.2 billion to top almost $4 billion for the third quarter. BP saw net profits rise by 43% to £3.9 billion for the quarter, bringing the company a total mark of $12.5 billion so far this financial year.
07 March 2002
Halifax report continuing rise in house prices
House prices in the UK have risen by almost 17 per cent according to the latest survey figures released by the Halifax. The report, published on Thursday 7 March, has shown that in February, property prices rose by more than one-sixth on the same time a year earlier – representing the fastest annual rate of growth in 12 years.
Halifax report continuing rise in house prices
House prices in the UK have risen by almost 17 per cent according to the latest survey figures released by the Halifax. The report, published on Thursday 7 March, has shown that in February, property prices rose by more than one-sixth on the same time a year earlier – representing the fastest annual rate of growth in 12 years.
02 August 2001
Shell posts record $7.4 bn profit for first half of year
Royal Dutch/Shell has announced record £7.4 billion (£5.2 billion) profits for the first half of the year, the figures revealing a jump in profits of 15 per cent on last year’s results.
Shell posts record $7.4 bn profit for first half of year
Royal Dutch/Shell has announced record £7.4 billion (£5.2 billion) profits for the first half of the year, the figures revealing a jump in profits of 15 per cent on last year’s results.
31 August 2001
Hitachi confirms global jobs cuts
Electronics manufacturer, Hitachi has confirmed it will slash its global workforce by 14,700. While some 4,500 of the job losses are likely to be take place outside Japan, the firm said that the cuts, which amount to more than four per cent of Hitachi's staff, will all be made before March next year.
Hitachi confirms global jobs cuts
Electronics manufacturer, Hitachi has confirmed it will slash its global workforce by 14,700. While some 4,500 of the job losses are likely to be take place outside Japan, the firm said that the cuts, which amount to more than four per cent of Hitachi's staff, will all be made before March next year.
01 October 2001
UK house prices soar by 2.8 per cent
UK house prices rose 2.8 per cent in September, the highest monthly increase in eight years, according to a report by the building society Nationwide. The figures revealed in the report reveal that the price of the average UK home was 15 per cent higher last month than in September 2000.
UK house prices soar by 2.8 per cent
UK house prices rose 2.8 per cent in September, the highest monthly increase in eight years, according to a report by the building society Nationwide. The figures revealed in the report reveal that the price of the average UK home was 15 per cent higher last month than in September 2000.
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