Arrests for Greenpeace four
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Earnings almost double for Shell
Published 29.07.2010 10:43:11 by John Bradbury
Royal Dutch Shell's second quarter earnings this year were almost doubled while its half year earnings were also up and the company has pledged further asset sales.Shell reported second quarter earnings on a current costs of supplies basis at US $4.529 Bn, a rise of 94% from $2.340 Bn in the second quarter last year.
And the figure for the first half was up 67% to $9.426 Bn, from $5.637 Bn in the first half of 2009.
Income attributable to shareholders for the second quarter was up 15% to $4.393 Bn, and for the first half the figure was up 35% to $9.874 Bn.
Shell's chief executive Peter Voser said the company provided a 5% rise in oil and gas production in the second quarter and a 34% rise in LNG sales, while $3.5 Bn of savings has been realised so far this year through cost programmes.
Voser said the Transition 2009 cost-cutting programme, which created three new main business streams, Upstream America, Upstream International, and Projects and Technology, is now complete, with 7,000 employees leaving Shell up to 18 months earlier than originally planned.
“We have exceeded the targets we set last year for costs and staff reduction. We are putting new emphasis on 'continuous improvement', which will drive competitive financial and operating performance through the business cycle, and build on Shell's high safety and environmental standards. Capital efficiency is an important part of our continuous improvement drive,” Shell's chief executive said.
Voser signalled Shell will sell more assets too, stating: “We will exit from non-core positions, both in Upstream and Downstream as we refocus our portfolio on material positions with growth potential. We expect $7-8 billion of asset sales in 2010-11, as we accelerate our disposal plans.”
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