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Shell profits hit just under £8bn
Jul 31 2008 LDP Business
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Union leaders have called for a windfall tax on the profits of both BP and fellow major Royal Dutch Shell.
However, the two companies argue they make very little money from their petrol stations.
Shell said the improvement reflected improved gas production volumes and the benefit of higher prices, with light sweet crude trading at more than 140 US dollars a barrel by the end of the period.
But pressure on refinery margins meant Shell’s oil products division saw second quarter profits fall to 1.07 billion US dollars (£540.4m) from 2.94 billion US dollars in 2007.
Royal Dutch Shell chief executive Jeroen van der Veer said: “This is another set of competitive earnings for Shell shareholders. Good operating performance, combined with increased oil and gas prices, offset the impact of weaker downstream conditions in the second quarter 2008.
“Shell is making substantial, targeted investments to grow the company for shareholders and help ensure that energy markets remain well supplied.”
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