Canadian Press: Shell Canada reports Q2 profit of $285M, up from $175M a year ago
Thursday, July 22, 2004
CALGARY (CP) – Profits at Shell Canada increased 63 per cent in the second quarter, helped by a significant contribution from its Athabasca oil sands project and higher refining margins.
The sharp increase in profits also prompted Shell to increase its quarterly dividend to 25 cents per share, up from 22 cents per share. Shell shares would yield about 1.5 per cent based on its current stock price.
The Calgary-based energy company said Thursday it earned $285 million or $1.04 per share for the three months ended June 30. That compared with a profit of $175 million or 64 cents per share a year ago.
Quarterly revenue increased to $2.64 billion, up from $2.07 billion in the second quarter in 2003.
“Continued steady progress in oil sands, and high commodity prices and refining margins, contributed to the quarter’s strong earnings and cash flow,” said Linda Cook, Shell Canada’s president and CEO.
Shell’s oil sands segment reported second-quarter earnings of $96 million compared with a loss of $68 million for the same period in 2003, when the Athabasca oil sands project began integrated operations.
The company’s exploration and production earnings in the second quarter of 2004 were $91 million compared with $200 million for the same period in 2003.
Shell said exploration expenses were higher due to a $28-million after-tax write-off for its share of the unsuccessful Weymouth deep water well and the cost of relinquishing exploration licences offshore Nova Scotia.
Shell’s oil products earnings were $110 million in the quarter, more than double the $52 million for the second quarter of 2003.
“Continued strong demand and low North American inventories resulted in significantly higher refining margins compared with the same period last year,” the company said.
“Retail marketing margins remained depressed as pump prices failed to reflect the full extent of the increases in underlying product values. Operating expenses were slightly higher than for the same quarter last year due to higher refinery maintenance costs and higher pension expense.”
Shell Canada (TSX:SHC) is one of Canada’s biggest natural gas producers and a major producer of sulphur and oilsands crude. The company has no conventional oil production in Canada, but operates a national gasoline station network under the Shell brand.
Shares in the company were down 29 cents to $65.50 in Thursday trading on the Toronto stock market.
© Copyright 2004 The Canadian Press
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Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
