Shell Profits Spike to a Record $27.6B

Critics say the oil giant's earnings are 'obscene' and want a windfall tax
By Jim O'Neill,  Newser Staff
Posted Jan 31, 2008 7:55 AM CST
Shell Profits Spike to a Record $27.6B
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 opened 23 January 2008.   (Getty Images)

(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. (Read more Shell Oil stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X