Shell Q2 profit down on lower oil prices
Thursday, July 26, 2012
AMSTERDAM (AP) — Royal Dutch Shell PLC says second quarter earnings fell due to lower oil prices and fewer asset sales.
The company’s “current cost of supplies” earnings — a figure that strips out the impact of swings in oil price in the pipeline — was $6.0 billion ((euro) 4.94 billion), compared with $8.0 billion in the second quarter a year ago, the company said Thursday.
“Our profits have fallen with energy prices,” said Chief Executive Peter Voser.
Net profit fell 53 percent to $4.06 billion from $8.66 billion: in 2011 the company booked $1.44 billion worth of asset sales and gains on the value of its oil inventory. Production rose 1.9 percent to 3.103 barrels of oil per day.
The company’s sales fell to $117.1 billion from $121.2 billion a year ago.