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Shell's profits follow BP's

Written By Faye Sunderland Published On: Jul 31 2008
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Petrol PumpRoyal Dutch Shell announced their profits are up 7 per cent on a current cost of supplies (CCS) basis for the second quarter of 2008 compared to the same period last year.Between April to June, Shell earned $7.9 billion compared to $7.6 billion a year ago. Despite adverse forecourt trading conditions, Jeroen van der Veer, Chief Executive said;  “Good operating performance, combined with increased oil and gas prices, offset the impact of weaker downstream conditions in the second quarter 2008.”The news comes just days after BP announced a similar increase of 6 per cent.  It is likely to increase the criticism of energy companies from environmental and energy watchdogs.

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