Second-quarter profits at oil giant Royal Dutch Shell have almost doubled after the firm completed a year-long corporate restructuring programme.
The firm reported profits of $4.5bn (£2.9bn) on a current cost of supplies basis, up from $2.3bn a year ago.
But it marked a drop from the $4.9bn it made in the first three months of the year as it continued to see “mixed signals” in the world economy.
Earlier this week, rival BP reported a record $17bn loss.
That included a provision of $32bn to cover the costs of its oil spill in the Gulf of Mexico.
In contrast to BP, who suspended dividends for the rest of the year, Shell said it would pay a second quarter dividend of $0.42 per share.
Excluding one-off items, Shell’s profit was $4.2bn, compared with $3.1bn last year.
Shell said that its restructuring programme had achieved cost savings of $3.5bn, beating its target by about 15% and some six months ahead of schedule.
It added that as a result of the changes, 7,000 employees would leave the company 18 months earlier than planned.
Shell also said it expected to sell $7bn-$8bn of assets in 2010-11 as it refocuses its portfolio on projects with higher growth potential.
“We continue to see mixed signals in the global economy,” Shell chief executive Peter Voser said.
“Oil prices have remained firm so far this year, but refining margins, oil products demand and natural gas spot prices all remain under pressure.
“Our earnings and cashflow have rallied from 2009’s lows, but the outlook remains uncertain.”
The price Shell received for its oil was 41% higher than the same period a year ago, while gas prices were 15% higher.
‘Focused strategy’
Richard Hunter, head of UK equities at stockbrokers Hargreaves Lansdown, said Shell’s update underlined the “stark difference in fortunes of the UK’s two oil majors”.
“Whereas its fierce rival BP has been the subject of forced introspection, Shell has continued to drive its own prospects forward,” he commented.
“Refining margins are improving, the restructuring programme continues apace and the proposed sale of assets will enable a more focused strategy in the future.”
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
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: 
MORE DETAILS:
A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
