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Posts on ‘October 28th, 2005’

Shell’s performance beats expectations

Financial Times: Shell’s performance beats expectations

“Shell has been reviewing its leading projects since the cost of its Sakhalin 2 project in Russia doubled to $20bn earlier this year. The enthusiasm of some analysts was tempered by their expectation that its capital expenditure budget would have to rise when it is announced in December.”

Friday 28 October 2005

By Thomas Catan and Sharlene Goff

Royal Dutch Shell made the largest quarterly profit in its 98-year history this summer, despite a severe beating from the storms in the Gulf of Mexico.

The world’s third-largest oil company by market value saw its third quarter profit soar 68 per cent on the back of high oil prices and a pipeline sale in the Netherlands. The results far exceeded market expectations, sending Shell’s “B” shares up 14p to £17.91.

The company’s third-quarter “current cost of supply” (CCS) net profit – a closely watched measure that excludes gains from rising fuel stock values and one-off charges – was $5.8bn (£3.3bn) against expectations of about $5bn. read more

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Green groups call for windfall tax as Shell reports record earnings

The Independent: Green groups call for windfall tax as Shell reports record earnings

“Shell’s fortunes this year, on the back of soaring oil prices, are in marked contrast to last year when it was embroiled in a reserves reporting scandal that plunged into one of the worst periods in its long history. The scandal cost Sir Philip Watts his job as chairman and the company was ordered to pay fines of $120m in the US and £17m in the UK. The company agreed to pay $90m in damages to US employee shareholders who brought a class action lawsuit against the oil giant.”

Friday 28 October 2005

By Damian Reece, City Editor

Royal Dutch Shell is facing calls for a windfall tax on oil companies’ profits after announcing a 68 per cent increase in third-quarter earnings to $7.4bn (£4.1bn).

A record quarter for oil prices helped Shell deliver results that beat City expectations but prompted the ire of environmental groups and politicians.

Shareholders will benefit from Shell’s performance to the tune of $15bn, which the company is returning to investors this year in the form of share buy-backs and increased dividends. Jeroen van der Veer, the chief executive, said: “Our operational performance is paying off with good results.” read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.
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