Shell earnings fall on lower oil prices

Oil giant Shell booked net profit of $6bn in the second quarter of this year, down from $8bn in the year-earlier period. The drop is due to the ‘spectacular’ fall in oil and gas prices, the Financieele Dagblad said.


Total revenues reached $117bn, 3% down on 2011.
‘Our industry continues to see significant energy price volatility as a result of economic and political developments,’ chief executive Peter Voser said in a statement.
‘Shell is implementing a long-term, consistent strategy against this volatile backdrop. Our plans for organic capital investment of around $32bn in 2012 and medium-term financial and production growth are on track.’

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