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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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