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31/01/2008
Shell Profits Record Angers Stakeholders
Anglo-Dutch oil firm Royal Dutch Shell has reported record annual profits of $27.56bn (£13.9bn).
The record figures have made British corporate history, which are equivalent to more than £1.5m an hour and come at the end of a three-month period when crude prices have averaged over $90 a barrel.
Much of the rise in profits has been attributed to rising oil prices, which currently stand at about $91 a barrel compared with $57 this time last year.
Meanwhile, some unions have objected to the level of Shell's profits at a time when consumers and businesses are struggling to cope with the effects of these high oil prices.
Unite's Joint General Secretary Tony Woodley described the level of profits in the oil industry as, "quite frankly obscene".
"Shell shareholders are doing very nicely whilst the rest of us, the stakeholders, are paying the price and struggling," he said.
However, oil companies have stressed that little of their profits come from petrol forecourts, with the majority of the price paid at the pump already going straight to the government.
Jeroen van der Veer, Chief Executive of Royal Dutch Shell, described the performance as "satisfactory" and admitted that overall production for the year had actually dropped 2%.
He added: "We made good progress in 2007, launched new projects upstream and downstream, and achieved exploration successes."
(GC)
The record figures have made British corporate history, which are equivalent to more than £1.5m an hour and come at the end of a three-month period when crude prices have averaged over $90 a barrel.
Much of the rise in profits has been attributed to rising oil prices, which currently stand at about $91 a barrel compared with $57 this time last year.
Meanwhile, some unions have objected to the level of Shell's profits at a time when consumers and businesses are struggling to cope with the effects of these high oil prices.
Unite's Joint General Secretary Tony Woodley described the level of profits in the oil industry as, "quite frankly obscene".
"Shell shareholders are doing very nicely whilst the rest of us, the stakeholders, are paying the price and struggling," he said.
However, oil companies have stressed that little of their profits come from petrol forecourts, with the majority of the price paid at the pump already going straight to the government.
Jeroen van der Veer, Chief Executive of Royal Dutch Shell, described the performance as "satisfactory" and admitted that overall production for the year had actually dropped 2%.
He added: "We made good progress in 2007, launched new projects upstream and downstream, and achieved exploration successes."
(GC)
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02 February 2006
Shell reports biggest ever UK profits
Oil company Royal Dutch Shell have reported the largest ever profits recorded for a UK-listed firm. The firm reported earnings of $22.94 billion (£12.96 billion) - the equivalent of nearly £1.5 million every hour. The figures were up almost a third on last year's profit of $17.9 billion (£9.8 billion).
Shell reports biggest ever UK profits
Oil company Royal Dutch Shell have reported the largest ever profits recorded for a UK-listed firm. The firm reported earnings of $22.94 billion (£12.96 billion) - the equivalent of nearly £1.5 million every hour. The figures were up almost a third on last year's profit of $17.9 billion (£9.8 billion).
14 May 2004
Crude oil prices hit record high
The price of crude oil, boosted by security fears and ever increasing demand from the US and China, has reached another record high – today hitting $41.50 per barrel at the New York Stock Exchange. The price of Brent crude oil in London has also jumped, surging to $38.40 – levels not achieved since the first Gulf War raged in 1990.
Crude oil prices hit record high
The price of crude oil, boosted by security fears and ever increasing demand from the US and China, has reached another record high – today hitting $41.50 per barrel at the New York Stock Exchange. The price of Brent crude oil in London has also jumped, surging to $38.40 – levels not achieved since the first Gulf War raged in 1990.
18 November 2008
Easyjet Pre-Tax Profits Plummet
Budget Airline EasyJet have seen pre-tax profits plummet by 45% to £110m despite carrying 17.3% more passengers over the year. The firm aims to meet difficult future economic conditions by concentrating on offering passenger value, cutting costs, and saving cash. Orders for new planes will be reduced.
Easyjet Pre-Tax Profits Plummet
Budget Airline EasyJet have seen pre-tax profits plummet by 45% to £110m despite carrying 17.3% more passengers over the year. The firm aims to meet difficult future economic conditions by concentrating on offering passenger value, cutting costs, and saving cash. Orders for new planes will be reduced.
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