Skip to: Content
Skip to: Site Navigation
Skip to: Search

August 29, 2008 7:44:45 CDT

Learn about Newser Points »

« Back to the grid | Next story »

Shell Profits Spike to a Record $27.6B

Posted Jan 31, 08 7:55 AM CST in Business 

(Newser) – Soaring crude prices and new oil and gas projects drove Royal Dutch Shell to 2007 profits of $27.6 billion—a new record for a British corporation—despite declining production. While critics branded the results “obscene” and called for a windfall tax, Shell’s CEO called them “satisfactory” and warned that 2008 would be a tougher year for the company as production costs soar and reserves dwindle, reports the Guardian.

Shell’s output was down 2% in 2007, said CEO Jeroen van der Veer, the fifth straight year output fell. He said violence in Nigeria was partly to blame. Shell reported fourth-quarter pre-tax profit at  $13.3 billion, up  from $9.1 billion a year ago. For the year, pre-tax profits were $50.6 billion, compared to $44.6 billion in 2006.

Sources Guardian (UK), Daily Telegraph (UK)

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon
Jeroen Van der Veer, Chief Executive of Royal Dutch Shell attends a session at the World Economic Forum in Davos 25 January 2008. The annual Davos gathering of the world's political and business elite...   (Getty Images)
Anglo-Dutch oil giant Royal Dutch Shell said on Thursday that net profits leapt 23 percent last year to a record 31.331 billion dollars (21.115 billion euros), energised by soaring crude prices. Net profit...   (Getty Images)
A Shell logo is displayed at a petrol station on the day Shell announced record profits, on January 31, 2008 in London, England. The company Royal Dutch Shell reported annual profits to be ?13.9bn, a...   (Getty Images)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (1 of 3)

Tags

gas prices  • corporate earnings  • Nigeria  • oil reserves  • Royal Dutch Shell  • Shell Oil


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular


Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »